Gold Price Forecast — Gold Markets Have a Quiet Wednesday

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Wednesday as we are sitting just above the crucial $1750 level. This is an area that also features a gap that a lot of people will be paying attention to. Many people will be paying close attention to the ongoing Jackson Hole Symposium to get a better idea of what central bankers are going to do as far as interest rates go.

Interest rates rising work against the value of the gold market, just as interest rates falling helps gold.

By the time Jerome Powell gets done speaking Friday morning, we should have quite a bit more clarity and you will then likely be able to have a better setup. At this point, it does look like the gold market is trying to build a base, but things can change quite drastically after he speaks.

If we were to break down below the $1730 level, it’s likely that we go down to the recent lows. A move below there and $1500 comes into play. On the other hand, if we turn around and break above the last couple of days, it’s likely that we go chasing the 50-day EMA. The 50-day EMA sits just below the $1800 level, which is a large, round, psychologically significant figure, and an area where the 200-day EMA is starting to reach toward. Ultimately, this is a market that I think given enough time should continue to see a lot of noisy behavior.

Gold Price Predictions Video for 25.08.22

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