Gold Price Forecast – Gold Markets Hanging on for Dear Life

Gold Market Technical Analysis

Gold market participants went back and forth during the trading session on Thursday as we continue to see the market try to hang on to support where we had bounced from a couple of weeks ago. At this point, the question is whether or not we are forming a double bottom, or if it is just simply an area where we are bouncing from an oversold condition.

At this point, I believe it is also an area that being broken down below could open up the possibility of reaching down to the $1600 level, possibly even the $1500 level. Any rally at this point, it’s likely that we could see signs of exhaustion sold into as well, and I believe that the $1680 level will offer a significant amount of short-term resistance, as it was previous support going back quite some time.

Working memory is starting to get chewed up though, because we have sliced through a couple of times. Regardless, it’s obvious that we are in a downtrend, and with the 50-Day EMA quickly approaching the $1700 level, I think there are plenty of reasons to think that the market will continue to fade rallies going forward.

Furthermore, it’s worth noting that interest rates continue to climb around the world, and especially in the United States. With that being the case, it’s all likely going to come down to the US dollar strengthening, therefore it opens up the possibility of even lower gold prices over the longer term.

Gold Price Predictions Video for 21.10.22

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