Gold Price Forecast – Gold Markets Breaking Higher
Gold markets have broken to the upside during the trading session on Wednesday to break above the 50 day EMA. That of course is a very bullish sign, and therefore I think it is only a matter of time before we try to make a move to the upside. At that point, we could go looking towards the $1860 level, as it is the top of the gap that has yet to be filled. If we can break above that gap, then it is likely that we could go looking towards the $1915 level.
Gold Price Predictions Video 15.07.21
If we can break above that level, then it is likely that we could go much higher, perhaps reaching towards the $2100 level above which was a major high recently. On the other hand, if we were to break down below the bottom of the candlestick for the trading session, then it is likely that we could drift down towards the $1750 level. That is an area that has been important more than once, so if we were to break down below there then we could go looking towards the double bottom near the $1675 region. Breaking down below that level, the market then goes to the $1500 level underneath, which is a major figure.
Keep an eye on the 10 year yields, because they can give you a heads up as to whether or not gold is going to rise or fall. The higher yields typically will work against gold, and it is worth noting that the yields did in fact fall during the course of the trading session on Wednesday, so the correlation is holding.
For a look at all of today’s economic events, check out our economic calendar.