Gold Price Forecast – Gold Markets Bounce From Initial Pulled Back

Gold markets have bounced from a significant selloff during the trading session on Thursday to show signs of life again, as gold is going to continue to move back and forth with the US dollar. The US dollar did strengthen a bit earlier in the session, and now it looks as if we are trying to play the Jackson Hole situation. The candlestick is rather bullish looking, but we also see a significant amount of resistance just above and the form of the $1805 level. The 200 day EMA sits in that general vicinity, which of course attracts a lot of attention. However, the EMA is flat, so it suggests that we are simply going back and forth in a range.

Gold Price Predictions Video 27.08.21

On the other hand, if we were to break above the “evening star” that we formed on Tuesday, then it opens up the possibility of a move towards the $1830 level. To the downside, if we were to break down below the lows of the week, then it is possible that we could go looking towards the $1750 level, and then if you break down below there you could go looking towards the $1680 level where we had seen a major bounce, and therefore I think there will be a ton of support there. If we were to turn around a break down below there, this would be a sign of US dollar strengthening and of course a collapse in the gold market. At this point, we are simply waiting to see what the Federal Reserve has to say about tapering after the Jackson Hole meeting to see where we go for a bigger move.

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