Forecast for the price of gold: Gold Markets Give Up Early Gain

The gold markets attempted to surge once more during the trading session on Wednesday, but the 50 Day EMA remains something of a hurdle.

The gold market initially gained on Wednesday, although it is still having trouble over $1800. As a result, it is extremely probable that the market will continue to experience some trepidation, especially given how unfavorable a sign the candlestick during Tuesday’s trading session was. Looking at this candlestick, it appears that we may also be attempting to shape it something like a shooting star. At this point, I believe it’s quite likely that we withdraw, as I had mentioned yesterday since we had reached a critical moment in the “market memory” that many people would be closely monitoring. As a result, the market is probably going to continue to exhibit a “fade the rally” mentality, at least in the near future.

Pay close attention to the bond market since American interest rates are expected to climb further and have a significant negative impact on gold prices. It’s also important to take into account the influence that a stronger US currency also has. Given that the $1750 level was previously a critical resistance level and that this market would continue to favor sliding back down to it, I believe it makes perfect sense that we would need to retest it.

You should only trade derivatives with funds you can afford to lose because doing so entails a significant level of risk to your investment. Trading derivatives may not be appropriate for all investors, so make sure you are fully aware of the risks and, if required, seek independent advice. Before engaging in a transaction with us, you should carefully review the Product Disclosure Statement (PDS), which is available on this website or upon request from our offices. Spreads starting at 0.0 pips are available with commission fees of USD $3.50 for every 100k transacted in raw spread accounts. Standard accounts provide spreads starting at 1 pip with no added commission fees. CFD index spreads begin at 0.4 points. Residents of any nation or jurisdiction where such distribution or usage would be in violation of local law or regulation are not the intended audience for the material on this website.

If we go again below $1750, it’s likely that the gold market will continue to decline and test the $1680 level, where alarms were previously heard. On longer-term charts, that region is critical, therefore we would need to pay close attention to that change.

Alternately, if we were to break over $1815, gold would probably continue to climb and finally change the general trend. We would require a considerable decline in American rates and maybe in the US dollar’s value.

Leave a Comment