Gold Price Forecast – Gold Continues Between Two Major Moving Averages

Gold markets continue to go back and forth around the $1850 level as we are stuck between the 50 day EMA above and the 200 day EMA below. Quite frankly, a lot of traders will be looking at the 10 year note yields, or perhaps the value of the US dollar itself. Ultimately, if the yields in the 10 year note continue to rise, that could very well be toxic for gold, as it makes much more sense to hang onto paper and pick up yield instead of hanging on to physical gold which offers no yield.

Gold Price Predictions Video 12.02.21

All things been equal, this is a market that I think probably has more downward pressure than up, but we are more or less just going back and forth and shopping around in order to try to figure out where the next big move comes from. The market has formed a couple of shooting stars during the last couple of candlesticks and therefore one would have to think that there is a real threat of falling, but nonetheless I think I am not looking at a chart that is going to show a major breakdown. The market breaking down below the $1750 level could unwind the gold trade quite drastically, but that would take some type of significant catalyst. On the other hand, if we can break above the $1875 level, then the market could go looking towards the $1900 level, possibly even the $1960 level after that. I think the only thing that you can count on in this market is going to be a lot of volatility.

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