Gold Price Forecast – Gold Markets Plunge Through Support

Gold Market Technical Analysis

Gold markets have plunged lower during the trading session on Thursday, breaking through the bottom of the recent support level. Because of this, it looks like gold is ready to start plunging again, selling off to the $1600 level, possibly even the $1500 level given enough time. This is a market that obviously will be highly influenced by the US dollars, and therefore it’s likely that we would see further downward pressure.

That being said, with the NFP report coming out on Friday, we could get a bit of volatility but unless we were to suddenly turn around and take out the $1680 level, it’s difficult to imagine a situation where you would be comfortable buying gold. At this point, I like the idea fading short-term rallies, especially if we do get some type of sudden knee-jerk reaction to the upside after the Non-Farm Payroll announcements.

The 50-Day EMA sits right at that $1680 level, so all of that is something worth paying close attention to. Ultimately, every time we rally and show signs of weakness, I think there will be plenty of sellers in this market, and I do think that eventually we could go look into that crucial $1500 level because it offers such a juicy psychological target.

Pay close attention to the US dollar and of course interest rates in the United States as well, because they both have such a massive influence. We are in a downtrend and will continue to be so going forward. In fact, you could even make somewhat of an argument for a descending triangle that just got broken through, thereby kicking off even more selling pressure.

Gold Price Predictions Video for 04.11.22

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