Gold Price Forecast – Gold Markets Continue To Fight

Gold Market Technical Analysis

Gold markets initially fell on Friday but turned around to show signs of strength again. That being said, the $1688 level continues to be a major area of interest, so we have a huge fight on our hands now. This should not be a big surprise, because the US dollar has been very volatile, and this is an area that has been important multiple times in the past. Because of this, I think it is only a matter of time before we see some type of huge erratic move, but at this point, it looks to me like we have a situation where the volatility will continue to point toward the downside.

The rising yields in America and of course the rising greenback both have been major culprits in this scenario, so I think that the bounce that we are attempting on Friday is going to end up being a nice selling opportunity that most people will be more than willing to take advantage of. This is a market that is going to continue to see a lot of noisy behavior, but if you position size accordingly, you can take advantage of a breach of major support going back several years.

At this point, we could be looking at gold dropping all the way down to the $1500 level, albeit more of a longer-term move than anything else. I don’t have any interest in buying gold, at least not until the attitude of the Federal Reserve, the interest rate markets, and of course the US dollar all change.

Gold Price Predictions Video for 19.09.22

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