Gold Price Forecast – Gold Markets Give Up Some Gains

Gold Market Technical Analysis

Gold markets initially rallied during the trading session on Friday but gave back gains in the same general vicinity that we have seen it do over the last couple of days. Whether or not gold could take off is a completely different question, but if we do so we need to break above the $1750 level to get moving with any type of momentum. Furthermore, we would need to see the US dollar lose some strength, which at this point it could be due to the fact that it has been a bit overbought.

Keep in mind the gold markets do tend to move in the opposite direction, as is often the case. Ultimately, I believe that fading rallies will more likely than not be the way going forward, but if we were to break above the 50-Day EMA, that is possible that we could see gold go looking to the $1800 level. The $1800 level also features the 200-Day EMA. Breaking above that could change the trend, but I don’t see that happening anytime soon.

If we break down below the $1680 level, then it opens up significant selling, perhaps down to the $1600 level. After that, then $1500 could be targeted, but obviously, we have a lot of work to do in order to make that happen. In general, this is a market that should continue to be very noisy, but I also recognize that it’s a little oversold at the moment. There will be a lot of people questioning whether or not we are forming a double bottom, which of course will play itself out over the next couple of weeks.

Gold Price Predictions Video for 12.09.22

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