Gold Price Forecast – Gold Markets Sit on Support

Gold Market Technical Analysis

Gold markets have gone back and forth during trading on Tuesday as we continue to respect the $1750 level for support and resistance. Furthermore, there is a gap that sits just below this level that could offer support as well. Whether or not we turn around and bounce is a completely different question, but it certainly looks possible. If that were the case, then I would anticipate that we may go looking to reach the 50 Day EMA above.

If we break down below the inverted hammer that sits on top of $1728, then it opens up a wave of fresh selling. This would almost certainly be incongruence with a stronger US dollar. In that scenario, I believe that we would continue to see a lot of noisy price action, and then eventually a test of the lows.

If we were to break down below the lows, gold probably plunges another $150 before it’s all said and done. It’s not necessarily what I’m thinking is going to happen in the future, but it is a very real possibility that you need to be aware of. Ultimately, I think the only thing you can probably count on is going to be a lot of noisy trading behavior, so with that being the case keep in mind that position sizing will be crucial when you have this type of volatility just waiting to happen. Also, keep an eye on interest rates in the US, because if they start to fall, that also gives a little bit of a boost to the gold markets in general.

Gold Price Predictions Video for 24.08.22

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