Gold Price Forecast – Gold Markets Stagnate

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Wednesday, as the PPI numbers came out at 0.4 month over month as opposed to the expected 0.2%. That being said, we are more or less in a holding pattern and waiting to see what happens with the CPI numbers on Thursday, which is the big headline for the week. Because of this, I think gold will continue to be volatile and I think we are parked right at the precipice of the decision-making area.

Keep in mind that the $1680 level has been important multiple times, and I anticipate that is going to continue to attract a certain amount of attention. It was an area that had been supported for or a couple of years but was recently pierced. At this point, we threw back over the level, and then pulled back from the 50-Day EMA. At this point in time, we find ourselves just below the crucial $1680 level, so I do think that it is probably only a matter of time before we break down even further.

The $1600 level would be the next target, followed by the $1500 level. Ultimately, this is a situation where I like fading rallies, unless of course CPI collapses, something that I just don’t see happening. With this being the case, I think we got a scenario where we got a little ahead of ourselves, but now we are more likely than not going to continue to see a lot of downward pressure. Keep in mind that interest rates will have a major influence on what happens next in the gold market, so make sure that you are paying attention to what they are doing.

Gold Price Predictions Video for 13.10.22

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