Gold Price Forecast – Gold Markets Recover After a Significant Selloff

Gold Market Technical Analysis

Gold markets have plunged rather significantly during the trading session on Thursday, to slice through the $1700 level. At this point, the market then reached the $1680 level, which is an area that a lot of people would pay close attention to as his massive support. If we were to break through that level, it would be catastrophic for gold, and possibly open up a move down to the $1500 level over the longer term. That being said, bounce from here would also make a certain amount of sense as well.

If we do rally from here, and break above the $1720 level, it’s possible that we could make a move to the $1750 level, but I see significant resistance there as well. Beyond that, we could open up the possibility of a move to $1800, which also features not only the 50 Day EMA, but it features the previous uptrend line which should have a certain amount of “market memory” built into it.

I still believe that this is a market that people will be willing to step into and start shorting at the first signs of exhaustion. Ultimately, I think this is a market that will continue to see a lot of volatility, but that’s nothing new for gold. Pay close attention to the US dollar, and of course the yields coming out of the United States. We have a Federal Reserve meeting next week, and that will certainly have a major influence on what happens with gold as well. All things being equal, be cautious with your position size.

Gold Price Predictions Video for 22.07.22

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