Technical analysis of the gold market
Gold markets initially rose to kick off Tuesday’s trading session in the futures market, but ran into a resistance buzz near the $1835 level. This shows how vulnerable the market can be at times, so you need to be very careful with your position size. Ultimately, position size is the only thing you have control over, so you need to be as careful as possible. The $1800 level below should be strong support, but at this point it is not a scenario where we are ready to take off higher.
Keep in mind that the Federal Reserve has five speakers in the news on Tuesday, so it’s very likely that we’ll continue to see a lot of noise and noise. Gold markets will pay close attention to bond markets and yields out of the US as well as Fed behavior and comments. Additionally, it should be noted that the Federal Reserve will likely have to remain relatively tight in its monetary policy due to the fact that retail sales are starting to suffer in the United States, a clear sign of inflationary problems.
If we were to fall under the hammer in Monday’s session, it could open something of a trap in this market, sending the gold market down to the $1750 level. Breaking open the floodgates. On the upside, if we could remove the 200-day EMA, that would be a very bullish sign and could send this market much higher.
Gold Price Predictions Video 18.05.22
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