Gold Price Forecast – Gold Markets Continue to Find Support Just BelowGold markets have fallen a bit during the course of the trading session on Friday but has also found buyers again at the $1790 level to stay in the tight consolidation range we have been in.
Gold markets have fallen initially during the course of the trading session on Friday to reach down towards the $1790 level before bouncing again. At this point, the market has formed several hammers, and it looks like we are trying to stay within this box on the chart that I have marked, as we are hovering between the 200 day EMA and the 50 day EMA. That being said, we are essentially “stuck” in this general vicinity, with the gold markets been thrown around by not only the US dollar and of course the interest rates coming out of the 10 year note.
Gold Price Predictions Video 26.07.21
Looking above, if we were to break the highs of the previous week, then we could go looking towards the $1860 level, which is the top of the gap that has yet to be filled. That being the case, market is likely to see a little bit of resistance, and ultimately the market breaking above there would be a very strong sign. At this point though, there does not seem to be any real decisive momentum one way or the other.
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If you are a short-term trader, then we can go back and forth to take advantage of this well-defined area. However, if we break down below all of the hammers that just formed, then it is likely that we go looking towards the $1750 level. That is an area that previously was support, and if we break down below there, the market is likely to go down towards the double bottom at the $1680 level.
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