Gold Price Forecast — Gold Markets Rally Into Jackson Hole

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Thursday, to break toward the $1775 level. The markets are facing the 50-day EMA just above and of course a massive amount of resistance near the $1,800 level. In other words, I think that each rally probably gets sold into, and therefore you need to look for signs of exhaustion. However, a lot of this is going to come down to how the market behaves to the speech by Jerome Powell Friday morning. Ultimately, I think this is a market that will continue to move back and forth with interest rates, and therefore the speech on Friday will be crucial.

After all, people will be paying attention to whether or not the Federal Reserve sounds like it is going to get hawkish, or if it’s going to pivot. Ultimately, this is a market that is going to be paying close attention to the $1,750 level, an area where a gap has formed. On the other hand, if we break above the 50-day EMA, then the $1,800 level comes into the picture as potential resistance. I think it is going to be a significant barrier, that is going to be hard to get above.

Ultimately, this is a market that is going to be very noisy. In fact, you probably would be better off waiting until the Friday close to reassess the entire situation. We should get a bit of clarity if we are lucky.

Gold Price Predictions Video for 26.08.22

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