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Gold Forecast: Continues to Threaten the $1800 Region

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The gold market has rallied a bit during the trading session on Friday, as we continue the threaten the crucial $1800 level.

The US dollar can rise right along with gold, in times of recession and other such markets. At this point, we are heading towards a recession, so I think it’s probably a situation where we may see both go higher over the longer term. In the short term, it looks like gold is running into major resistance, and of course, the markets are waiting for the Federal Reserve meeting next week on Wednesday to decide what to do about the greenback longer term.

Ultimately, this is a situation where you think you have a lot of noisy behavior on short-term charts, but it certainly favors the upside.

 

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