Gold Price Forecast – Gold Markets Continue to Build Pressure

Gold markets went back and forth during the trading session on Monday, as we continue to look at the $1700 level is an area that is a bit of a magnet for price. With that in mind, you should also notice that there is an uptrend line that sits just below forming part of the symmetrical triangle that the market currently sits in. With that in mind I believe that the buyers are coming back in order to pick up a bit of gold “on the cheap”, and I think that we will go looking towards the downtrend line that forms the top part of the triangle.

Gold Price Predictions Video 12.05.20

A break above the downtrend line will then open up the door to the $1750 level, and then possibly even the $1800 level. On the breakout, we will continue to see a lot of “buying on the dips”, as you can see. If we were to break down below the trend line though, the 50 day EMA should come into play and offer plenty of support. The market is in an uptrend and this symmetrical triangle course suggests that we could try to build up enough momentum to finally go higher. The question now is whether or not we have more follow-through, or do we have a bit of a topping pattern? I believe it is probably the former rather than the latter, so I am waiting for the breakout to take advantage of the longer-term uptrend that has been involved for quite some time. So far, I do not see any opportunities to sell this market.