Gold Price Forecast – Gold Markets Trying to Find Support

Gold Market Technical Analysis

Gold markets initially pulled back on Wednesday but did find a little bit of support near the $1700 level to balance. Ultimately, this is a market that I think is trying to find some type of bottoming pattern, but it’s going to be very noisy. In that scenario, it’s very likely that we will see more back-and-forth than anything else, at least in the short term. The $1680 level underneath continues to be important, especially from a longer-term standpoint. As long as we stay above there, there is the possibility that the market can recover.

Pay close attention to the US dollar, because it has a negative correlation to this market. Furthermore, you have to keep in mind that the market also has to think about the reality that interest rates in the United States continue to climb, so does make a certain amount of sense that we would see gold suffer. However, longer term we could be forming a bit of a “double bottom”, and it is worth noting that the area just below has been supportive multiple times in the past.

The US dollar is a little overbought, but sooner or later, people will start to look to gold for safety as well, so I don’t necessarily think that we are in a scenario where you want to get short of this market unless of course we break through the bottom and start to see momentum. The $1750 level above should be resistance, as it has a lot of market memory built around it. The 50 Day EMA is at the $1770 level, as it continues to drop.

Gold Price Predictions Video for 08.09.22

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