Gold Price Forecast – Gold Markets Struggle to Maintain Momentum

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Wednesday, as the CPI numbers came in cooler than anticipated. Because of this, it looks as if the gold market may be due for a little bit of a pullback. It is interesting to see that the $1815 level has been like a squishy barrier, and it looks like we could very well pull back a bit as we wait to see what happens in the bond market.

As the CPI number came in lower than anticipated, the initial reaction was for bonds to start dropping yield. However, the question is not so much as to whether that was a reversal in that trade, and that obviously has a lot of influence on what happens in gold. Furthermore, we have the 200 Day EMA sitting just above and offering a bit of resistance, so I think what we need to pay most attention to is where the next impulsive candlesticks come from and which direction they come from.

If we can break above the 200 Day EMA, that would obviously be a very bullish sign. If we break down below the 50 Day EMA, that would obviously be a very negative turn of events. Because of this, I think it’s essentially going to end up being a “binary trade”, and you will just have to wait to see whether or not we get a daily close outside of this range. Once we do, that should give us a bit of a “heads up as to whether we are going to try to get to the $1900 level on the upside, or the $1750 level on the downside.

Gold Price Predictions Video for 11.08.22

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