Gold Price Forecast – Gold Markets Continue to Hang Around the Same Area

Gold Price Predictions Video for 30.11.22

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday to peek above the 200-Day EMA for a moment, only to show that we are not ready to go anywhere very quickly. After all, you have to keep in mind that the gold markets are going back and forth as we try to figure out what to do about the Federal Reserve. Ultimately, the Federal Reserve is throwing the interest rate market around, as people try to figure out exactly what it is they are going to do going forward.

The $1750 level offers a little bit of support, as does the 50-Day EMA underneath at the $1719 level. After that, then you have support near the $1700 level. If we turn around and break above to the upside, we could be looking at the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and an area where we have seen noise in the past. Breaking above that area then will almost certainly leave no doubt that the gold market is in a bullish run, and it could go to the $2000 level of the longer term.

In the meantime, a lot of what we are seeing is related to interest rates, as it has a massive negative correlation right now. However, we may start to focus on the idea of the recession, which in and of itself can be good for gold as people try to preserve well. We might be in the middle of that switch, so that’s part of what we are going to see over the next several sessions, as the market tries to figure out what they are going to do.

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