Gold Price Forecast – Gold Markets Continue to Grind

Gold Price Predictions Video for 29.11.22

Gold Market Technical Analysis

Gold markets went back and forth during the course of the trading session on Monday, as we continue to hang around the $1750 level, an area that has been important a couple of times. Furthermore, we also have the 200-Day EMA sitting just above, offering a significant amount of resistance, and that tends to attract a lot of trading attention. Ultimately, gold markets will continue to be very noisy due to the fact that the 200-Day EMA comes into the picture and then of course we had the 50-Day EMA underneath. In other words, we are essentially squeezing in general.

This is a market that I think will continue to see a lot of volatility based upon concerns about interest rates around the world, and of course inflation. If we were to break out of these moving averages, then it could open up the possibility of a bigger move, perhaps to the $1800 level. Anything above the $1800 level could send this market much higher, perhaps all the way to the $2000 level.

On the other hand, if we were to turn on a breakdown below the 50-Day EMA, it would send gold markets plunging down to the $1680 level. The $1680 level is an area that had previously been resistant, so it should now be supported. If we were to break down below there, then the market could plunge down to the lows again. Keep in mind that the US dollar, interest rates in America, and interest rates, in general, have a negative correlation to gold over time. With this, I think we are rapidly approaching a major decision.

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