Gold Price Forecast – Gold Markets Bounce From 200 EMA

Gold markets initially fell during the trading session on Monday to reach down towards the 200 day EMA. By doing so, the market looks as if it is trying to get a bit of support into the picture, as we have had a nice bounce from the low of the session. That being said, if we break above the top of the candlestick if it remains like this, then it becomes a hammer that has just triggered another potential long scenario.

Gold Price Predictions Video 12.01.21

A lot of this is going to come down to real rates in the United States, as interest rates in the United States have been rising. That is a toxic for gold, but longer-term I still believe in the gold story, I just think that you need to look at gold as more of an investment than a trade at this point. The 200 day EMA of course is an important technical indicator, but it is not the be-all and end-all of whether or not this market is going to survive. The upside features the 50 day EMA at the 1878 level, and that of course the 1900 level, both of which could cause a bit of trouble. Nonetheless, I do not think that they are major resistance barriers at this point either.

Quite frankly, we have sliced through multiple levels over the last couple weeks, so at this point it takes away some of the efficacy of both support and resistance. All things being equal, if we rally from here then it looks like we will continue to grind higher and try to form a bit of a base in the gold market. Longer-term, I am definitely bullish of this market.

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