Gold Price Forecast – Gold Markets Bumping Into Major Resistance
Gold markets have gone back and forth during the course of the trading session on Thursday to form a relatively neutral candlestick. Because of this, the market looks very likely to continue seeing a bit of selling pressure just above, especially near the $1800 level. The $1800 level is a large, round, psychologically significant figure, but we also have the 200 day EMA sitting right in that area as well. Furthermore, we also have the downtrend line that has held, so all of this being put together suggests that there will still be sellers.
Gold Price Predictions Video 15.10.21
On the other hand, if we break above the $1805 level, then it is possible that we could go looking towards the $1835 level. The $1835 level of course is an area that we have seen a lot of resistance at previously, so breaking that could send this market much higher for a longer-term “buy-and-hold” scenario. On the other hand, we turn around a break down below the bottom of the candlestick for the trading session on Thursday, then we could go looking towards the $1760 level. At that point, that we could then go looking towards the $1750 level, followed by the $1725 level. Anything underneath there could make a serious run towards $1680, which has been a major floor in the market.
This is probably going to be all about interest rates, and whether they are rising or falling. The best thing you can do this point in time is simply wait to see whether or not we get momentum that we can follow. At this point, then I would get a little bit more aggressive.
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