Gold Price Forecast – Gold Markets Continue to Hover

Gold Market Technical Analysis

Gold markets have gone back and forth during the day on Friday as we continue to hang about the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and an area where we have seen a bit of support and resistance come into the market, allowing it to form “market memory.” The fact that we are sitting here should not be a huge surprise, markets tend to be attracted to these levels time and time again. The question now is whether or not we can continue to go higher.

The 200 Day EMA above offers quite a bit of resistance near the $1830 level, and of course, has already put a little bit of pressure on the market earlier this week. On the downside, we have the 50 Day EMA sitting at roughly $1793 and is curling higher. When you are stuck between the 50 Day EMA and the 200 Day EMA, it’s quite common to see the market squeeze, and then eventually make a bigger move. I think this is about to happen.

However, you need to see some type of impulsive candlestick to see momentum in one direction or the other. Once we break out of these 2 moving averages, it’s very likely that we have a protracted move for a decent distance. On the downside, I would be looking at a move to the $1750 level, and on the upside, we could be looking at the $1880 level. Breaking above the $1880 level allows for a longer-term sustained rally. Regardless, pay attention interest rates in America, because if they start to fall, that could give gold a bit of a boost as well.

Gold Price Predictions Video for 15.08.22

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