Gold Price Forecast – Gold Continues to Power Towards Big FigureGold markets have rallied on Wednesday, as we continue to reach towards the $1900 level. For the longer term I fully anticipate that gold will continue to rally.
Gold markets are pressuring the $1900 level yet again during the trading session on Wednesday, as we head into 2021. That being said, volume is dropping off of a cliff, but that should not be a huge surprise as it is a cyclical thing. That being said, I think it is only a matter of time before we will go looking towards the $1950 level, which is an area where we have seen a lot of resistance and selling previously.
75% of retail CFD investors lose money
Do not get me wrong, I think that eventually the markets will continue to go much higher than that, but it is not as if it has to happen in one shot. Quite frankly, I believe that as long as we can stay above the 200 day EMA down at the $1813 level, we should continue to go higher over the longer term.
Gold Price Predictions Video 31.12.20
When you look at the recent structure, you can make an argument for a bottoming pattern in the form of a “V pattern”, which typically kicks off a bigger move. The biggest outside indicator should continue to be the US Dollar Index, as a falling US dollar should continue to help gold in general as it not only is priced in US dollars, but it also shows that perhaps there could be an attempt to preserve wealth by getting out of fiat currencies as we have seen in other market such as Bitcoin lately.
For a look at all of today’s economic events, check out our economic calendar.