Gold Price Forecast – Gold Markets Reaching Towards the Top of the Range

Gold markets have rallied a bit during the course of the trading session on Wednesday to reach towards the $1830 level. This is an area that has been resistance recently, so whether or not we can break above here is a completely different question, but it certainly would catch a lot of attention if we do break out to the upside. At that point, it is very likely that we go looking towards the $1875 level, which is an area that has been noisy in the past and of course should attract a certain amount of attention because of this.

Gold Price Predictions Video 06.01.22

To the downside, the 50 day EMA currently sits right at the same area as the 200 day EMA, at the $1800 level. That is going to be the “floor the market” in the short term, as we are going back and forth but certainly looking as if we are ready to break out one direction or the other. Keep an eye on the US dollar as well, because of course it does advise a negative correlation to gold, especially as of late. With that being the case, and the fact that the job summer comes out on Friday, is very possible that we may move rather significantly over the next couple of sessions, especially as the reaction in the greenback will be quite violent against the jobs number as per usual.

Regardless, it is likely that we are going to see a lot of buying pressure if we do take out that massive red candlestick for three days ago, that would be a very bullish sign and would have a lot of the short-sellers running for the hills.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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