Gold Price Forecast – Gold Markets Give Up Early Gains
Gold Price Predictions Video for 07.12.22
Gold Market Technical Analysis
Gold markets have initially tried to rally during the trading session on Tuesday but have given back a significant amount of the gains rather quickly. By doing so, the market looks as if it is trying to figure out what to do with itself next, perhaps filling the gap is on tap?
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If that’s the case, we could very well drop down to the 200-Day EMA at the $1767 level in the futures markets. Filling that gap could offer a bit of buying opportunity, but we need to see a little bit of a reaction in that area to make it worthwhile. Because of this, it’s a situation where we would have to look at this through the prism of perhaps trying to find a little bit of value. However, if we break down below the 200-Day EMA, then we could threaten the $1750 level. That’s an area that has been important more than once, and therefore should be an area worth paying close attention to.
Ultimately, this is a situation where the market has been noisy and has made a massive “W pattern”, and that could signify that we are ready to go higher over the longer term. In a massive recession, you can have both the US dollar and gold rally at the same time, and that might be what we are about to see. Nonetheless, this is a market that looks like it’s pulling back to find buyers, and perhaps getting ready to take off to the upside yet again. Longer term, we could go to the $2000 level, but if we give up $1750, then it’s going to be much more difficult for the market to pick itself back up.
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