Gold Price Prediction – Gold Markets Attempt an Upswing

During Tuesday’s trading session, gold markets gained slightly, but there appears to be some resistance just above.

During Tuesday’s trading session, gold prices have risen somewhat, although there appears to be considerable resistance just above. Ultimately, the $1680 level is a region that could present some difficulty. I believe that, given sufficient time, this market will begin to decline each time we experience a rise, particularly as the US currency continues to strengthen in general. Particularly true is the fact that the U.S. interest rate has begun to rise, which is obviously toxic for gold in general.

If the price falls below $1649, it is likely that it will drop another $20 quite rapidly. I believe that the markets will continue to be volatile and choppy, therefore I would approach the gold market with caution. Due to the fact that volatility will continue to be a key issue, I would need to maintain a sensible position size. Being too aggressive with your investment can lead you into serious difficulty.

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If we do rise from here, the 50-Day EMA will be the dynamic ceiling in the market, so if we broke above there then you could start to consider a rally, but I believe there’s a lot of ground to cover between here and there before getting long. As the US dollar is by far the strongest currency in the world, signs of fatigue will be seized upon, and this will continue to cause a great deal of trouble. Eventually, the $1600 level and possibly the $1500 level will be targeted if there is a breakdown from here.

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