Gold Price Forecast – Gold Markets Continue to Pull Back From 200-Day EMA

Gold Market Technical Analysis

Gold markets have pulled back just a bit during the trading session on Monday, as the 200-Day EMA and the downtrend line both have asserted a bit of technical resistance. At this point, a lot is going to ride on whether or not we can take off to the upside, but with the US dollar taking off the way it has during the day, it does make a lot of sense that gold face a little bit of pressure. That being said, pay close attention to the interest rate market, because if rates do start to fall again, that will help gold in general.

One of my favorite trades has been gold in yen terms if you have the ability to trade XAU/JPY. However, it’s also worth noting that the market has been positive in general, even against the US dollar. If we can break to a fresh, new high, then I think gold tests the $1800 level. However, if we turn around and break down below the lows of the trading session on Monday, then it opens up the possibility of a move down to the 50-Day EMA.

I think the only thing you can count on is a lot of noisy and choppy behavior, and you should probably also keep in mind that this is Thanksgiving week in America, so that is going to do a lot of damage to the idea of volume, and of course when the futures markets are open. That might make the next couple of days relatively quiet, as traders focus more on holidays than anything else.

Gold Price Predictions Video for 22.11.22

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