Gold Price Forecast – Gold Markets Continue to Slam Around

Gold Market Technical Analysis

Gold markets continue to get thrown around quite violently during Tuesday, as we continue to see volatility everywhere. As the rest of the world has seen so much in the way of volatility, should not be too surprised that gold has been tossed around as well. After all, the US dollar is being speculated in both directions quite feverishly, and that of course as a major influence on what happens here.

I do believe that the $1680 level continues to be important, and of course the direction of the US dollar itself does as well. The market has a huge negative correlation to the greenback and interest rates in America, so it is worth paying attention to what those 2 particular assets are doing. If we break down below the bottom of the candlestick for the trading session on Tuesday, then it’s possible that we could continue to grind lower and go looking to reach the double bottom underneath that I have marked on the chart. If we break down below that, then it’s very likely that things get ugly in short order.

On the other hand, if we break above the $1680 level, we will almost certainly take on the 50-Day EMA, which is a major technical indicator that a lot of traders pay attention to and of course does suggest that we are still in a bearish market. Keep in mind that as long as the Federal Reserve has to remain very tight, more likely than not will continue to seek gold struggle to hang onto significant gains anytime soon. Fading rallies that show signs of exhaustion continue to be the best way to play this market from what I can see.

Gold Price Predictions Video for 26.10.22

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