Gold Price Forecast – Gold Markets Continue to Struggle

Gold Market Technical Analysis

Gold markets have fallen again during the trading session on Wednesday to pierce the $1725 level. Now that we are slightly below there as I record this, it looks as if the market has further to go. The US dollar strengthening is doing no favors for gold, and of course, interest rates continue to rise in the face of a tightening Federal Reserve. The jobs number on Friday obviously has its own influence as well, but the momentum is most certainly on the side of the bearish traders right now.

The $1680 area below should continue to be important, so pay close attention to it, because if we break down through there we break a multi-year support line, and we could go much lower. In the short term, I suspect that short-term rallies will probably be faded, but I would wait for some type of daily confirmation. Furthermore, the Friday jobs number will also throw a lot of volatility into the picture, so it may be after that announcement that you get an opportunity to fade anything.

If we break above the 50 Day EMA, then it could change some things, but until then I think that there are still concerns with any short-term rallies. Quite frankly, the markets are not stable enough to trust anything, let alone a rally from non-US dollar assets. I think we continue to see a lot of noisy behavior, with the general amount of volatility that causes headaches. Be cautious, and be small with your position size.

Gold Price Predictions Video for 01.09.22

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