Gold Price Forecast – Gold Markets Give Up an Early Gain

Gold Market Technical Analysis

Gold markets initially tried to rally during the trading session on Thursday but gave back gains rather quickly. Because of this, it suggests that gold perhaps does not have enough momentum to continue the uptrend, and we are getting ready for a bit of a breakdown. If that’s going to be the case, one would anticipate that interest rates in the United States might start to rise, but at this point, it is still speculation on any potential move. Ultimately, gold is a very fickle instrument and it pays close attention to interest rates and therefore is at the mercy of the bond market. I think at this point, need to be very cautious but I do favor the downside, at least in the short term.

Underneath, the $1750 level will more likely than not offer significant support, so you should be cognizant of that area as potentially important. I do think that we are probably going to see more noise than anything else, but that should not be a surprise considering just how noisy the markets have been in general. The 200 Day EMA above has offered resistance recently, and I think that should continue to be your basic measure for whether or not we are in an uptrend or a downtrend.

Right now, I think it means that we are more likely than not going to continue to drop, although I don’t necessarily see a meltdown as being “imminent.” With this, I would fade short-term rallies until we clear that 200 Day EMA, but I would also not wear out my welcome either. Short-term charts probably continue to be the best way forward in this market.

Gold Price Predictions Video for 19.08.22

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