Gold Price Forecast – Gold Markets Look for Support

Gold Market Technical Analysis

Gold markets have fallen initially during the trading session on Tuesday but found a bit of buying pressure to turn things around and threatened the $1680 level. This is an area that had been important multiple times in the past, so I think at this point in time you have to look at it through the prism of market memory. Yes, we could sliced through it again, but right now I believe that we are more likely than not going to see a lot of selling pressure just above. Keep in mind that the gold market is highly sensitive to not only the US dollar, but the interest rate market as well.

Interest rates in the United States continue to climb, and there are a lot of concerns out there as to whether or not the Federal Reserve is actually going to pivot. Here’s a hint: they are not going to. At this point, it continues to be very toxic for gold, as gold is so sensitive to this dichotomy. The market has the 50-Day EMA sitting above at the $1720 level and lowering; therefore, I think it acts as dynamic resistance if we do get any type of rally.

Breaking down below the $1650 level almost certainly opens up a move down to the lows again. At this point, I have no interest in buying gold and I do think that there is still plenty of downside ahead. If and when we get the downside, I believe we’ve got a situation where things only get worse. Rallies at this point will be selling opportunities from what I can see.

Gold Price Predictions Video for 12.10.22

For a look at all of today’s economic events, check out our economic calendar.