Gold Price Forecast – Gold Markets Choppy on Tuesday

Gold markets have gone back and forth during the course of the trading session on Tuesday as we continue to chop around in the same general area. Because of this, the market is very likely to continue being noisy overall, with the 50 day EMA and the 200 day EMA both sitting just above and going flat. Further exacerbating that area of resistance is the fact that it is right at the $1800 level, so there is a certain amount of psychology attached to that as well.

Gold Price Predictions Video 15.09.21

To the downside, if we do break down it is very possible, we could go looking towards the $1775 level. After that, it opens up a move down to the $1750 level and finally down to the $1680 level. It is very likely that the US dollar will have a major influence on where we go next, so pay close attention to what the greenback is doing. The markets will more than likely continue to be difficult to deal with but in the end what we need to see is some type of impulsive candlestick. Once that happens, it will be obvious as to which direction we are heading. If we were to break to the upside, the $1835 level more than likely offers a major resistance that we need to pay close attention to.

Keep in mind that gold also is influenced by interest rates in America, and as CPI numbers came out a little lighter than anticipated, that may give a little bit of a boost to gold, as interest rates should drop a bit. Nonetheless, it looks like we are still stuck in the same range we have been in.

For a look at all of today’s economic events, check out our economic calendar.