Gold Price Forecast – Gold Markets Give Back Early Gains

Gold Market Technical Analysis

Gold markets have gapped higher to kick off the trading session on Monday, as G7 members announced that they are banning the import of Russian gold. That being said, we have given back all of those gains, and it looks as if it has ultimately had very little effect on the market. We are still very much in range-bound trade, with the $1800 level underneath being the bottom. We need to pay close attention to that level because if it does get violated, it could lead to further selling.

The US dollar has been the currency du jour for most of the last several months, and I think it will continue to be so. As long as that’s going to be the case, gold will have a difficult time rallying for anything more than a short-term bounce. However, if we were to take out the $1880 level above, then you could see further buying, perhaps sending this market as high as $2000. I do think that eventually happens, but it’s not happening in the short term and it looks like rallies continue to run into a buzzsaw of selling pressure.

The 200 Day EMA is completely flat, and the 50 Day EMA is just above it and flattening out as well. This suggests that we have nowhere to be, and that may be somewhat expected as it is the summertime, and this can be a very quiet time of year. I have a range of $80 clearly marked out on the chart, and until we violate one side or the other, I have to assume that it holds.

Gold Price Predictions Video for 28.06.22

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