Gold Price Forecast – Gold Markets Get Hammered to Start the Week

Gold Market Technical Analysis

Gold markets have fallen rather hard during the trading session on Monday, breaking down below the 50 Day EMA. By doing so, the market looks as if it is going to continue to see a lot of noisy behavior, which makes sense considering there is so much in the way of uncertainty out there. Remember that the US dollar works against the value of gold most of the time, and that correlation should continue to be a major driver of where we go next. Furthermore, if you were watching my analysis on Friday, you remember that I said something about being stuck between the 200 Day EMA and the 50 Day EMA causing a bit of a technical “squeeze.”

This squeeze can kick off a bigger move, and it looks like we are certainly trying to squeeze to the downside. If we were to break down below the $1780 level, it’s likely that we could look to drop down to the $1750 level. On the other hand, if we turn around and break above the 200 Day EMA, that’s obviously a very bullish sign, and could send this market much higher. The noisy behavior in the market continues to see a lot of investors get nervous, and therefore I suspect that gold will be all over the place.

If we do bounce just a little bit, that probably has the market hanging about the same area. It should be interesting to see how this market behaves over the next couple of days because we are most certainly at a very important place on the charts that could determine where we go for a much bigger move.

Gold Price Predictions Video for 16.08.22

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