Gold Price Forecast – Gold Markets Slam Into Resistance

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday to break above the $1800 level, just before pulling back. Because of this, it looks as if the market is going to continue to see a lot of noisy behavior, especially as the 50 Day EMA sits here. A pullback to the $1750 level is most certainly possible, but a lot of this is going to come down to the interest rate situation in the United States. If rates start to rise, that could put downward pressure on gold as it is highly sensitive to that market.

On the other hand, if we can clear the $1815 level, I think at that point gold’s ready to go much higher. It’s very possible that might be the route anyway, if for no other reason than the idea of the safety trade. However, there’s a lot of work to do to break above that area, and quite frankly I think a pullback is more likely than not, even if we do eventually break out. Markets don’t go in one direction forever, and part of what we are seeing here is going to be simple volatility.

Short-term traders may have a go at the short side, but you need to see the US dollar pick up a bit of strength, and the 10 year yield start to rise again in order to get that opportunity. That being said, there are a lot of moving pieces out there right now, which of course will continue to throw this market around, right along with the other markets such as the bond market.

Gold Price Predictions Video for 03.08.22

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