Gold Price Forecast – Gold Markets Reach 200-Day EMA

Gold Market Technical Analysis

Gold markets have rallied again on Friday, continuing the massive shot higher that we had seen over the last week. That being said, we are now up to 200-Day EMA so it will be interesting to see whether or not we can continue to go higher. Because of this, I think you need to keep an eye on not only the 200-Day EMA, but also the $1750 level underneath.

If we break above the 200-Day EMA, it’s very possible that gold goes all the way to the $1800 level. The $1800 level is a large, round, psychologically significant figure, and an area where we had seen a lot of noise at previously. Alternatively, if we were to break down below the $1750 level, then it’s very possible that we go back to the $1700 level, and then possibly even the 50-Day EMA.

Ultimately, you need to pay close attention to the interest rate markets in the United States, as there is a huge negative correlation between interest rates and gold. If interest rates rise, that typically works against the value of gold. Also, you need to pay close attention to the US dollar, because it has a negative correlation as well.

Regardless, this is a market that looks as if it is overdone at the moment, so therefore I think you get a situation where at the very least you need to see the market pullback of it. Expect a lot of volatility, but I think at this point you probably have a short-term pullback ahead, but the question is whether or not it can stick?

Gold Price Predictions Video for 14.11.22

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