Gold Price Forecast – Gold Markets Slam Into the 50-Day EMA

Gold Market Technical Analysis

Gold markets have rallied again during the trading session on Tuesday to reach the 50-Day EMA. Ultimately, this is a market that is and continues to see a lot of noisy behavior, but it is probably only a matter of time before we get a bit of a turnaround. After all, the US dollar continues to be the world’s strongest currency, and that will work against the value of gold.

The 50-Day EMA is an indicator that a lot of people pay close attention to, so I do think that there will be a little bit of technical resistance in this area. Furthermore, right around the $1725 level has been rather noisy and resistive in the past as well, so pay close attention. If we get some type of exhaustive candlestick, I will be more than willing to get short of this market as it has bounced so quickly. To think that the global economy and the entire trend has changed over the last couple of days is a bit rich, because there is no real catalyst at this point beyond the fact that bonds found a little bit of a bed.

Given enough time, I think that we revisit the $1680 level, and this will be thought of as a “throw over” from the market memory area. Ultimately, this is a market that I think will continue to see a lot of volatility, so therefore you need to position size correctly. The most important thing you can do in this type of environment is protect your account, but do not chase this trade, as the trend changing would give you plenty of time to get involved on pullbacks so there’s no reason to do so.

Gold Price Predictions Video for 05.10.22

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