Gold Price Forecast – Gold Markets Attempt to Rally

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday, but it looks as if there is a significant amount of resistance just above. Ultimately, the $1680 level is an area that could cause a certain amount of trouble. Ultimately, this is a market that I think given enough time will start to fade every time we rally, especially as the US dollar continues to strengthen in general. Especially true is the fact that the interest rate started to climb in the United States, that is of course toxic for gold in general.

If we were to break down below the $1649 level, it’s likely that we drop another $20 rather quickly. I do think that the markets continue to see a lot of volatility and choppiness, so I would be cautious about the gold market. I would have to keep my position size reasonable due to the fact that the volatility will continue to be a major problem, and therefore being too aggressive with your position can get you into serious trouble.

If we do rally from here, the 50-Day EMA will be the dynamic ceiling in the market, so if we broke above there then you can start to look at some type of rally, but I think there’s a lot to work through between here and there in order to get long. Signs of exhaustion will be jumped on, especially as the US dollar is by far the strongest currency out there, and that will continue to cause a lot of problems. If we do break down from here, then eventually the $1600 level, possibly the $1500 will be targeted.

Gold Price Predictions Video for 19.10.22

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