Gold Price Forecast – Gold Markets Looking to Bounce

Gold Market Technical Analysis

Gold markets will more likely than not continue to struggle going forward, but in the short term, it looks like we have a little bit of a bounce that suggests perhaps we are oversold. Quite frankly, we are completely oversold so a recovery rally would not be a huge surprise. Having said that, the market is more likely than not going to continue to be very noisy, so therefore I think that this rally will probably offer a nice short-term bounce, followed by a more intermediate-term selling opportunity.

The $1750 level should offer resistance, and most certainly the $1800 level will be. The market more likely than not will continue to see a lot of damage, but it’s also worth noting that the $1700 level is an area that has been crucial support from a longer-term standpoint. Because of this, this is a market that if we were to break down below that level, look out below because gold would certainly start to fall apart. At that point in time, we would see the US dollar skyrocket, and therefore it’s likely worth paying close attention to the US Dollar Index as well.

If we turn around and break down below the $1700 level without any significant rally, that’s an even more brutal sign for gold and anything else. I don’t have a scenario in which I would be a buyer of gold in this environment, unless of course interest rates suddenly fall in the United States, but that does not seem very likely considering how much inflation we see in the United States right now. With this, gold remains toxic for me even though there is a significant amount of a bounce possible.

Gold Price Predictions Video for 14.07.22

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