Gold Price Forecast – Gold Markets Continue Pressure to Upside

Gold markets have pulled back slightly in the beginning of the session on Thursday but then turned around to show signs of strength again. We have recently broken above the significant $1850 level, and that should kick off a bigger move, perhaps all the way to the $1950 level if we can continue to see resiliency. Pay attention to the US dollar, because if it continues to fall that could also have an effect on this market.

Gold Price Predictions Video 21.05.21

If we do break down below the $1850 level, then we also need to take a look at the downtrend line that has been broken above in order to test for support again. If we do break down below there, then we more than likely would go back and forth in the consolidation area between here and the 200 day EMA. Breaking down below the 200 day EMA would then have this market selling this market. At that point, we would probably continue the overall negativity, but this would have to be accompanied by a spike in interest rates in the United States.

All things been equal, we have made a significant move to the upside, so it does suggest that we continue to see overall upward proclivities all things being equal. Obviously, gold is very noisy and does tend to chop around a bit so pay close attention to the various factors such as interest rates in the US dollar to get a clear sign as the where we are more than likely going to go. At this point, it certainly looks positive, but volatility is probably the one thing you can count on.

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