Gold Price Forecast – Gold Markets Continue to Test Resistance

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Monday to test the $1680 level. This is an area that has been important multiple times, so it should not be a huge surprise to see the market stall just a bit here. The area being broken to the upside would be bullish, but a pullback from here is what I’m anticipating. In this scenario, I anticipate that we are going to find quite a bit of selling pressure, as it would be a continuation of the noise that we’d seen in that market previously. I do not have any interest in buying gold, at least not as long as the US dollar is strong.

If we do break above the $1680 level, I will then start to focus on the $1700 level, because I think that’s where the next battle will be. This large, round, psychologically significant figure will capture a lot of attention, and therefore if we were to take it out, it’s possible that we may see a bit of “piling on” in this market. I would have to see the US dollar behave negatively to be comfortable with that trade though, so we have a way to go before that is something I would consider.

Ultimately, this is a market that will be a lot of noise, but I still believe in the downside as breaking below the $1680 level was a breach of major support going back several years. The US dollar is destroying everything in its path, and gold will not be any different in the long run. The fading of rallies is how I am going to play this market.

Gold Price Predictions Video for 04.10.22

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