Gold Price Forecast – Gold Markets Continue to Hang Around the Lows

Gold Market Technical Analysis

Gold markets have been very noisy over the last couple of days as we continue to pay close attention to a major bottom that is being tested. I think this is a market that given enough time probably find reasons to make a bigger move, probably via the interest rate market or perhaps even more importantly, the Federal Reserve statement on Wednesday. Yes, they are going to raise interest rates, but the question now is whether or not they are going to be aggressive in their language.

If we break down below the bottom of the hammer from the Friday session, it’s likely that gold will unravel, perhaps going much lower. I do not like the idea of gold at the moment, and therefore I think we’ve got a situation where rallies will continue to be faded, at the first signs of exhaustion. I do think that it is probably only a matter of time before I get that opportunity, because quite frankly the US dollar is like a wrecking ball against almost everything, and that will more likely than not continue to be the case at this point.

It’s not till we break above the $1700 level that you can seriously think about this market turning around, which is not something that I anticipate seeing anytime soon. With that being the case, I think you are either fading rallies or selling the breakdown if and when it comes. It’s very possible that the next couple of days may be more sideways than anything else, so please keep that in mind as we wait for Jerome Powell.

Gold Price Predictions Video for 20.09.22

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