Gold Price Forecast – Gold Markets Continue to Build Pressure

Gold markets have gone back and forth during the course of the trading session on Thursday, as the 200 day EMA has offered a bit of support, right along with the 50 day EMA that sits just below it. It should be noted that the 50 day EMA represents the $1800 level, so there is a certain amount of large, round, psychological significance to that area anyway. It also sits just below major resistance barrier in the form of $1825, which extends to the $1835 area. In other words, we continue to squeeze heading into the jobs figure.

Gold Price Predictions Video 03.09.21

Obviously, the US dollar has a major influence on what happens with gold next, and that of course will be knocked around by the Non-Farm Payroll announcement, which comes out Friday at 8:30 AM New York time. I would expect a lot of volatility and back and forth in this general timeframe, and this could finally be the significant move that a lot of gold traders have been waiting for. Furthermore, this is the busiest holiday week of the summer, meaning that a lot of big traders are simply away from their desks at the moment, and that could be coming into play as well.

Add to that the fact that central banks around the world have not exactly been clear about what they are doing, and it makes quite a bit of sense that gold would continue to struggle for any type of longer-term clarity. With this, I expect to see more chop but if we can break through some of these areas that I have mentioned, then you can place a trade in that direction.

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