Gold Price Forecast – Gold Markets Break Crucial LevelGold markets broke down below the $1850 level during the trading session on Monday, as we continue to see a lot of noise in general.
Gold markets have fallen rather hard during the trading session on Monday, breaking through the crucial $1850 level. Now that we are below there, I think there are much more significant areas below that we could go looking towards, most notably the $1800 level. That is an area that features not only the recent break out to go much higher and above the $2000 level, but it also features the 200 day EMA and of course is a large, round, psychologically significant figure. That suggests that there will be a lot of attention paid to that region and therefore I am looking at the daily chart near that level and will be paying close attention to however the markets close.
Gold Price Predictions Video 24.11.20
At this point in time, I do think that eventually we will see gold go higher but obviously we have quite a bit of US dollar strength coming back into the picture, as we have seen more trouble with the European Union and the United Kingdom, which has started a run into the US dollar. That of course weighs upon the value of gold, as it is most typically priced in US dollars and used as a hedge against them. That being the case, I think that we get an opportunity to pick up gold at better prices. I believe that if we simply wait, we will get a nice supportive daily candlestick that marks a turnaround in gold and allows us to write a bigger move to the upside. I have no interest in shorting gold, although I fully anticipate that we drop another $20 from where we are right now.
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