Gold Price Forecast – Gold Markets Struggle With $1800

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Thursday, as we continue to pay close attention to the $1800 level. $1800 level has been an area of extreme resistance more than once, so it is worth noting that the market is still respecting this area. Furthermore, it had previously been supported, so a certain amount of “market memory” has to come into the picture here as well.

If we could break above the $1815 level in the spot market, then it’s possible that we could see a bit more of a breakout, but the jobs number on Friday will probably be the next opportunity for some type of catalyst to get this market moving. If we do in fact see rates start falling in the United States even further, then it’s likely that gold will continue higher.

However, if the market starts to see rates spike again, that would be very negative for gold, and therefore could send this market below the lows of the Wednesday session. If we break down below the lows of the Wednesday session, then it’s very likely that the market drops down to the $1750 level. That was an area that was previously resistance so one would think that it would be good.

At this point in time, I think it is going to be very noisy and therefore you need to expect a lot of choppy short-term behavior. If you are a long-term trader, above the $1815 level probably turns us more into a “buy-and-hold” situation, but you need to be cognizant of the fact that the Federal Reserve still swears up and down it’s going to continue tightening aggressively.

Gold Price Predictions Video for 05.08.22

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