Gold Price Forecast – Gold Markets Bounce to Kick Off the Week

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Monday as we have been a bit oversold over the last couple of days. The $1680 level is an area that could cause some resistance, and therefore I think it is probably only a matter of time before we sell off on signs of exhaustion. I think in this situation it is only a matter of time before exhaustion sets into this market, therefore it’s likely to show signs of failure sooner or later.

At this point in time, if we break down below the $1650 level, then it’s likely that we try to go down to the lows and breaking down below them will more likely than not kick off even more selling pressure, as we have been in a major downtrend for quite some time. Ultimately, this is a market that I think will continue to move negatively as far as correlation to the US dollar and interest rates in the United States. That continues to be a major issue, and at this point in time it’s likely that we will continue to see a lot of volatility in this market, and I do believe that it is probably only a matter of time before we do see sellers come back into this market.

Expect a lot of volatility, but I think it is only a matter time before we have to decide a bigger move. Keep in mind that the $1680 level is an area that has been important more than once, going back several years. With that being the case, I think the market will be paying close attention to this area.

Gold Price Predictions Video for 18.10.22

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