Gold Price Forecast – Gold Pulls Back From 200-Day EMA

Gold Market Technical Analysis

Gold markets have fallen hard during the trading session on Thursday as we have broken through the 200-Day EMA. By doing so, the market is likely to seem as if it is taking a break, but we also need to pay close attention to the interest rate situation in the United States. Because of this, I think we get a situation where the market is going to continue to be very noisy, and if we break down below the $1750 level, we could see the market drop down to the 50-Day EMA, which is closer to the $1700 level.

That being said, I think a lot of risks of contagion out there will continue to have people looking to the US dollar for safety, and therefore it’s likely that we have a situation where gold will get a bit of a beating. Whether or not gold will reach the lows again is a completely different question, but clearly it looks as if we are trying to pull back in order to at the very least work off some of the froth.

On the other hand, if we were to turn around a break above the $1800 level, then it is likely that we could take off to the upside, showing signs of life. At that point, it’s likely that we could go to the $1900 level. Ultimately, this is a market that continues to be noisy, but it got far too ahead of itself in order to sustain this type of momentum. In other words, regardless of whether or not this is a market that should go higher or lower, a pullback makes quite a bit of sense. At the very least, we need to consolidate.

Gold Price Predictions Video for 18.11.22

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