Gold Price Forecast – Gold Takes Off After GDP Miss

Gold Market Technical Analysis

Gold markets have rallied significantly to kick off the trading session on Thursday as the GDP numbers in the United States have been released. They were miserable so that most certainly will continue to play in the back of the minds of traders. Keep in mind that the market will continue to pay close attention to the idea of the Federal Reserve and what it’s going to do.

Traders have jumped all over the idea that the Federal Reserve will not be able to raise interest rates in a slowing economy, but quite frankly that’s exactly what they’ve been telling you they were going to do for a while. Because of this, I think that we have a nice rally ahead of us, but it is short-lived.

Pay close attention to the US dollar, because it will have an influence on where we go next. If the US dollar continues to strengthen, that will eventually weigh upon what happens with gold. The markets will more likely than not be very volatile, and even if we do see a total change in the attitude of gold, we have a long way to go before we have truly broken out.

Yes, we are broken above the $1750 level, which was the original barrier, and we broke above the top of an inverted hammer. So, I do think that we have a nice bounce ahead of us, but the real battle is probably going to be closer to $1800, expect a lot of choppy volatility, and therefore I think that you have plenty of time in order to get involved in this market.

Gold Price Predictions Video for 29.07.22

For a look at all of today’s economic events, check out our economic calendar.