Gold Price Forecast – Gold Markets Give Back Gains

Gold Market Technical Analysis

Gold markets rallied a bit during the trading session on Tuesday but got back gains as we continue to see the US dollar terrorize almost everything in the financial markets. With interest rates rising a bit during the day, it was a bit of a perfect setup for gold to give back gains. Look at this chart, it’s very likely that we could test the $1700 level underneath, possibly even the $1680 level. If we break down below the $1680 level, then it’s likely that gold really starts to take off to the downside, perhaps reaching down to the $1500 level.

On the other hand, if we were to turn around a break above the top of the candlestick for the Monday session, that would be a strong sign, lease for the short term. That opens up the possibility of a move to the $1750 level, an area that previously has been both support and resistance. The 50-Day EMA sits at the $1772 level and is dropping, so I think that also comes into the picture as a potential resistance barrier as well.

As long as the US dollar remains strong, it’s very likely that gold will continue to struggle. This will be especially true if interest rates continue to climb as well. Either way, there are a lot of chartists out there that will start to look at this through the prism of a potential double bottom, but I think it’s a little bit early to start talking about that, especially after the market has turned around the way it has. Expect volatility, and keep your position size small until the market moves in your favor.

Gold Price Predictions Video for 07.09.22

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