Gold Price Forecast – Gold Markets Slam Into Resistance

Gold Market Technical Analysis

Gold markets have rallied significantly during the trading session on Friday, to reach to the $1680 level. At this point, is very likely that we see a bit of selling pressure in this area, especially near the 50-Day EMA, which sits just above there and is shrinking. Ultimately, gold is highly influenced by interest rates and the US dollar, and what they are doing as there is a huge negative correlation between the two. Granted, the candlestick for the trading session is rather brutal, but it does not change the trend in the slightest. In fact, it looks like we are going to stick around the top of the range, meaning that at the first signs of trouble, we will probably fall toward the bottom of it again.

At this point, I think you get a situation where the area just above offers a significant amount of resistance, but if we do rally from here, I will simply sit on the sidelines and wait for a sign of exhaustion that I can start fading. Ultimately, the gold market will eventually take off to the upside, but we need to see the central banks around the world change their attitude. With this being the case, the market is likely to continue to favor the downside of the longer-term, so when I see a candlestick like this, my ears perked up because I recognize that there might be an opportunity. As far as buying is concerned, I would need to see this market go above the $1750 level, something that’s not going to happen anytime soon.

Gold Price Predictions Video for 07.11.22

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