Gold Price Forecast – Gold Markets Continue to Give Up Their Early Gains

Gold Market Technical Analysis

Gold markets have been very noisy during the trading session on Wednesday as we continue to see a lot of back and forth. Quite frankly, gold will continue to struggle as long as the Federal Reserve monetary policy continues to get tighter, and of course interest rates in America rise in the bond market. The $1800 level underneath will be crucial, so I am paying close attention to whether or not we were to break down below there. After that, we have the uptrend line that could be crucial as well. If we break down below there, then the market really good start to fall apart.

Alternatively, if we break above the top of the candlestick for the trading session on Wednesday, then I think it is only a matter of time before the sellers come back in. We are near the bottom of an overall consolidation area, but it is worth noting that the most recent attempt to reach the top of that consolidation area did not get to the top again. Because of this, it looks like there is much more selling pressure than anything else, so I do believe that a rally that shows signs of exhaustion will probably get jumped on.

Ultimately, if the market were to break above the $1880 level, then it’s possible that we could go as high as the $2000 level, which is where we had started the negativity previously. Ultimately, this is a market that I think will continue to be very difficult, so I would keep my position size relatively small. Furthermore, you need to keep an eye on the 10-year yields in America.

Gold Price Predictions Video for 30.06.22

For a look at all of today’s economic events, check out our economic calendar.