Gold Price Forecast: Markets Pullback From Four-Week High

Gold Price Forecast: Gold markets have rallied to kick off the trading session on Thursday initially, but then gave those gains back to show signs of confusion still. Ultimately, the 50 day EMA underneath could offer support, and it is worth paying close attention to gold at this point in time, because there is a huge argument about inflation going on right now.

Gold Price Forecast

At this point, the technical analysis suggests that we need to rise from here and fill the gap, meaning that we could go to the $1860 level. However, if the US dollar continues to strengthen the way it has, we could see that way upon the gold market in general.

To the downside, if we break below the 200 day EMA again, I think that we probably start to look towards the low that was recently made at the $1750 level. That is an area that was both support and resistance, so at this point in time it is likely that the market will have to pay close attention to that region.

Gold Price Forecast

If we break down below that level, then it is likely that we will have to go towards the double bottom at the $1680 level, an area that I think will be quite heavily defended. Quite frankly, if that gets broken to the downside, it is very likely that we go looking towards the $1500 level rather quickly.

In the meantime, I think the one thing you can probably count on is a lot of choppy volatility so you will need to be very cautious about your position size. I think we are on the precipice of making some type of bigger move, especially as we get closer to the fall.

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