Gold Price Forecast – Gold Markets Hanging on to Support

Gold Market Technical Analysis

Gold markets plunged initially during the session on Monday to look like they were ready to break down. That being said, the market has respected the gap from several weeks ago, and now it looks like we may make an attempt to recover. Ultimately, this is a market is trying to pay close attention to the bond market at the same time, and what yields are doing.

It might be worth noting that the 50 Day EMA is in the $1784 level and dropping, so I think we have a situation where that indicator could cause some issues, not to mention the fact that the $1800 level above is going to cause a bit of “market memory” into the picture. The 200 Day EMA is sitting at the $1822 level and dropping. In other words, I think there is a significant amount of resistance just above, and I do believe that it is only a matter of time before sellers would come in and start selling.

If yields start to pick up in the bond markets, that will certainly work against the value of gold, so pay close attention to that. The market will more likely than not continue to be very noisy, and therefore you need to be very cautious. However, I do think that we have a situation where fading short-term rallies should work. On the other hand, if we were to break above the 200 Day EMA, then it could change a lot of things. As things stand right now though, this is a situation where a little bit of patience make a long way.

Gold Price Predictions Video for 30.08.22

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