Gold Price Forecast – Gold Markets Continue to Consolidate

Gold markets have been back and forth during the course of the trading session on Friday as we limped into the weekend. Ultimately, this is a market that has broken above a major downtrend line, so that of course is something worth paying attention to, as well as the retest of the $1850 level that had been so resistive previously. Looking at this chart, the market is likely to see a lot of support underneath that should come into play on dips. All things being equal, this is a market that I like buying dips in. I have no interest in shorting, at least not until we break down below the $1800 level.

Gold Price Predictions Video 24.05.21

It is also worth noting that the 50 day EMA is starting to cross the 200 day EMA, and what would be thought of as a “golden cross.” The golden cross is a well-known indicator for longer-term trend followers, so it does make a certain amount of sense that we would go much higher over the longer term. The $2100 level was the recent highs this past cycle, and it is starting to look more likely that we are going to go retest it. With fears of inflation out there, it does make a certain amount of sense that gold could get a little bit of attraction here. Furthermore, there are a lot of things to be concerned about, so I believe at this point in time we should be looking at the market in a “buy on the dips” type of situation that we are currently residing in.

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