Gold Price Forecast – Gold Markets Close Out the Week on Good Footing

Gold markets have finally taken out the top of the Monday candlestick, something that was needed in order to have an even remotely bullish marketplace. That being said, the market is likely to continue to see noisy behavior between here and the 50 day EMA, but it certainly looks as if we are going to try to recover. However, I would keep a close eye on signs of exhaustion because that could lead to more selling, and if we turn around a break down below the $1750 level, which would be a very negative sign to say the least. In that scenario, I believe that this is a market that will crash into the $1680 level, which is an area of significant support.

Gold Price Predictions Video 16.08.21

The size of the candlestick is impressive, and if we can close towards the top of the range that should lead to the possibility of continuation, something that would have to see a softening US dollar from a longer-term standpoint to happen. I think that the 200 day EMA above is going to cause a massive amount of resistance. If we were to break above, there then we could change the entire trend.

Quite frankly, we will have to see how the interest rate situation turns out before gold gets a bit of a boost, but even though we have seen quite a significant bounce, one could write this off as simply a “dead cat bounce” after that massive selloff. I think you need to be very cautious with this market, but we clearly have seen strength over the last several days.

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