Gold Price Forecast – Gold Markets Continue Same Choppy Pattern

Gold markets have initially fallen during the course of the trading session on Thursday to reach down towards the same area that we have been testing multiple times over the last five or six sessions. At this point time, the market looks likely to continue respecting that area though, due to the fact that we have bounced so hard. At this point, the 200 day EMA is sitting right in the middle, at roughly $1805. At this point time, the market is sitting right in the middle of consolidation and the fact that we keep forming hammers and shooting stars suggests to me that the market does not know what to do yet.

Gold Price Predictions Video 23.07.21

At this point in time, I am simply waiting to see whether or not we break out, and that breakout will be a good indication of where we go next. After all, breaking out of this choppy behavior should send this market looking towards the $1750 level if we break down, and the $1860 level above if we break out to the upside.

Pay close attention to the US Dollar, due to the fact that it has a strong negative correlation to this market, due to the fact that gold is priced in US dollars. With all of that being said, I am simply going to wait for the market tell me which way it is going and follow right along. Until then, I am staying out of this market but if your short-term day trading type of person, you may find a nice range bound type of set up. With that being said, it looks like we are simply in a “watch and wait” scenario.

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