Gold Price Forecast – Gold Markets Fall Again Into the Weekend

Gold Market Technical Analysis

Gold markets have fallen again during the trading session on Friday, reaching down toward the $1650 level. This is an area we had bounced from during the previous session, so whether or not it holds remains to be seen. However, if we do break down below there it’s likely that the market could go down to the $1630 level. Ultimately, this is a market that I think will continue to see a lot of volatility, mainly due to all of the upward pressure on the US dollar.

Keep an eye of the Federal Reserve, because this is a lot about the interest-rate decision in the United States and of course monetary tightening. As long as it continues to be very aggressive, the Federal Reserve that is, then it’s difficult to imagine that the gold markets are going to turn around and rally. That being said, the market is likely to continue to see a move down to the $1600 level in that situation, perhaps even down to the $1500 level.

If we do rally from here, the $1680 level continues to be a bit of noise, as it was previous support going back several years. However, breaking above there it’s likely that we would see the 50-Day EMA cause a lot of issues. I think that is going to be your “dynamic ceiling” in the meantime, so let’s go ahead and keep an eye on that going forward. Any rally at this point in time that shows signs of exhaustion is a selling opportunity from what I can see. I have no interest in buying gold as long as the Federal Reserve continues to behave the way it has.

Gold Price Predictions Video for 17.10.22

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