Gold Price Outlook – Gold Continues to Slump While Rates Rise

Gold Markets Technical Analysis

The gold market fell again during the early hours on Friday as we continue to see interest rates cause some problems. With that being the case, we are getting close to an uptrend line that I think will be important to pay attention to, as it has been important for some time now.

For what it’s worth, we’ve already seen that same relative trend line get broken in the silver market. So, it is possible it will happen over here as well. If it does, then it could open up a move down to the $2,550 level, possibly even down to the $2,500 level where you will find the 200-day EMA. I do not have any real interest in trying to buy gold here. I think the interest rates in America need to calm down before things return to strength here.

If they do not, we could have major problems for precious metals and commodities in general. So, with this, I’m a little bit hesitant to get involved, and that’s especially true now that we of course have the holiday season going on, and that obviously influences liquidity pretty drastically. So, with this, I’m looking for an opportunity to take advantage of either a significant bounce back above the important 50 day EMA, or I might just let it go for a while and see if it works off some of this excess upward momentum in order to be attractive for buyers again from a value standpoint.

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