Gold Price Forecast – Gold Markets Hover Around Support

Gold Market Technical Analysis

Gold markets have drifted a little bit lower during the trading session on Tuesday to test the gap from several weeks ago that the market found supportive on Monday. At this point, it looks as if gold is trying to bounce a bit, but it’s going to be difficult to see whether or not we are going to see a longer-term move. The 50-Day EMA sits at the $1782 level and is dropping, so I think that could offer a little bit of resistance as well. Any bounce from here that shows signs of exhaustion will get sold into, and therefore I think that is going to be my signal to either take profit or get out. On the other hand, we could break down below the hammer.

If we do break down below the hammer for Monday, that is a very bearish signal for me, perhaps sending this market down to the $1680 level. All things being equal, I think a bounce is probably more likely than not, and if we can break above the 50-Day EMA, then we could make a serious run toward the $1800 level. The next couple of days may be a little bit quiet though because a lot of people are going to be waiting for the jobs report on Friday.

This has a huge influence on monetary flow, and the fact that it is the end of August also suggests that we may be a little bit quiet as well. Either way, I have a couple of levels that I am watching, based on the hammer from the Monday session, giving me the ability to treat this as a binary setup.

Gold Price Predictions Video for 31.08.22

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