Gold Price Forecast – Gold Markets Fall With Rising Dollar

Gold Price Predictions Video for 16.12.22

Gold Market Technical Analysis

Gold markets have fallen rather hard during the trading session on Thursday, as the markets have reacted quite hawkish to the FOMC statement and press conference. At this point, the US dollar rallying certainly has put a lot of pressure on gold, but I do think that gold has significant support underneath it and it is probably only a matter of time before we bounce. Not the least of which is that the gap that sits underneath should offer plenty of support.

The 200-Day EMA is sitting right around the $1770 level, and it is a large, round, psychologically significant figure, but it also ties quite nicely to the gap. If we break down below all of that, then we have the 50-Day EMA near the $1750 level.

Furthermore, the size of the candlestick is rather big, but we will have to wait and see whether or not there’s any follow-through. I wouldn’t expect a major meltdown from here, but it’s also worth noting that we are heading into the holidays so therefore you could see a situation where the market finds itself falling asleep as we head toward the holiday season. It liquidity will drop, so therefore it’s difficult to see the next couple of weeks as being anything other than some type of gamble.

If the market were to break down below the 50-Day EMA, then it’s likely that the market could go back to the $1700 level. On the other hand, if we take out the highs from the Tuesday session, then it’s likely that the gold market because looking to the $1875 level above.

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