Gold Price Forecast – Gold Markets Continue to Pressure the 200 Day EMA
Gold Market Technical Analysis
Gold markets rallied significantly during the trading session on Tuesday to break above the top of the shooting star from the Monday session. Furthermore, we have broken above the 200 Day EMA, so this is a very positive development. At this point, it looks very likely that we will eventually go looking to the $1900 level. The $1900 level will have a certain amount of psychological and structural resistance, so I do think that we will get a bit of a pullback eventually.
Keep an eye on interest rates in America, because if they do start to fall again, then it’s possible that we could see the gold continue to rally. On the other hand, if the interest rates start spiking again, that will be difficult for gold to be bullish. All things being equal, we have bounced from a major support level, and it now looks as if gold will continue to plow higher. Pullbacks should be buying opportunities, as long as we can stay above the $1800 level, which is a large, round, psychologically significant figure, and an area where we have seen a lot of noise previously.
I think that you need to be very cautious with your position size in this type of market because there are so many crosswinds going on at the same time that it’s difficult to imagine any type of clarity in the short term. The market will continue to be dangerous, so by all means be very cautious and make sure that you have your stop losses and place every time we get involved.
Gold Price Predictions Video 25.05.22
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This article was originally posted on FX Empire
