Gold Price Forecast – Gold Markets Have a Quiet Open for the Week

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Monday to show signs of hesitation after melting down last week. By doing so, it looks like we are trying to work off some of the excess profit from the selloff. The $1725 level seems to be offering a little bit of support at the moment, but I don’t necessarily think that it’s something that is going to change the market. Any balance from here will more likely than not end up being something that gets sold into unless the fundamentals change.

The $1800 level above will continue to offer significant psychological resistance, as it was previous support. There’s also an uptrend line in that area that people will be paying close attention to, so the “market memory” could come back into the picture to weigh upon the overall trend.

The other scenario is that we break down below the bottom of the hammer from Friday, opening up the possibility of a significant breakdown. If we were to break it down below there, it’s likely that the $1700 level will be tested. The $1700 level is an area that has a lot of psychology attached to it and should be paid close attention to. If we give up $1700, then I think gold markets start to sell off quite drastically.

On a breakdown like that, we could be looking at $1500 before it’s all said and done. The US dollar continues to be like a wrecking ball against almost everything, including the gold market. Furthermore, the Federal Reserve continues to tighten monetary policy, meaning that interest rates will continue to work against gold itself.

Gold Price Predictions Video for 12.07.22

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