Gold Price Forecast – Gold Market Testing Major Resistance

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Monday, as we are looking at major resistance just above. The downtrend line is sitting right here, right along with the 50-Day EMA. Furthermore, the $1680 level has been significant resistance more than once, so it does make a certain amount of sense that we would see sellers come into this area. Furthermore, you also have the $1700 level sitting just above, so all that tied together I think offers a significant barrier that’s going to be difficult to overcome.

This is why I am looking for signs of exhaustion that I can start shorting, but that doesn’t necessarily mean I will get what I want. If we break above $1700, then it’s likely that the gold market will go looking to the $1740 region, especially as the 200-Day EMA sits at the $1766 level and dropping, meaning that it could tie together quite nicely as a ceiling in the market. Ultimately, I think you will have to pay close attention to the interest rate market in the United States, because it will more likely than not have an outsized influence on what happens here.

With that being the case, the market is likely to see a lot of fake out type of volatility, therefore I think you’ve got a situation where if you get signs of exhaustion, it will be a continuation of what we have been seeing for a while. On the other hand, if we were to finally break above the 200-Day EMA over the next several sessions, then it would obviously be a trend change.

Gold Price Predictions Video for 08.11.22

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