Gold Price Forecast – Gold Continue to Look at $1750 as Support

Gold markets have initially fallen during the course of the trading session on Monday but found enough support just below the $1750 level to show signs of support. This is an area that has been important more than once, so do not be surprised at all to see a little bit of a bounce. Nonetheless, it certainly looks as if there is much more interest in shorting gold than going long. That being said, a nasty candlestick like we had seen on Thursday is very rarely seen in a vacuum.

Gold Price Predictions Video 21.09.21

If we break down below the lows of the Monday candlestick, then it is likely that we could go looking towards the $1680 level. The $1680 level has been a massive support level more than once, and therefore I think it makes for a good target. Rallies at this point in time still looks suspicious, at least until we can take out the 200 day EMA to the upside, and quite frankly we would need to see the US dollar get hammered. Until then, it is very unlikely that the gold markets can be bought.

Fading short-term rallies that show signs of exhaustion will be the way that I get involved in this market, as I do believe that the gold markets continue to show a favorability to the downside. Nonetheless, if we do take out the 200 day EMA, then I would have to believe that the market goes looking towards the $1835 level. Either way, keep an eye on the US Dollar Index chart, because it does tend to move in a negative correlation to what price does when it comes to the yellow metal.

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