Gold Price Forecast – Gold Markets Continue to Drive Higher

Gold markets have rallied rather significantly during the course of the trading session on Thursday to reach towards the top of the Wednesday candlestick, showing a resiliency in the gold market going forward. That being said, I do think that the market tries to get to the upside, but short-term pullbacks are more likely than not going to be the case. I keep an eye on the $1835 level, because it was such a significant resistance barrier previously. At this point, “market memory” should come back into the marketplace as typically happens.

Gold Price Predictions Video 12.11.21

If we were to break back down below the $1835 level, it is likely that we would see a massive selloff, as it would be such a huge turnaround. With that being the case, then I think markets probably go looking towards $1800 level. All things being equal, this is a market that I think will continue to move based upon inflationary expectations, but one thing is for sure, it seems as if the buyers have overwhelmed the sellers, so now it will come down to whether or not they can keep up the momentum. So far, it looks as if we are starting to see bigger move, but obviously gold tends to be very noisy.

The market will continue to see big swings, but what has caught most people on the wrong side is that both the US dollar and gold are rising at the same time. Unfortunately, a lot of retail traders subscribe to the fact that gold has to drive in the opposite direction of the greenback, but that was not the case for almost the entire decade of the 1980s.

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