Gold Price Forecast – Gold Markets Continue to Meander

Gold markets continue to look lost, perhaps waiting for the jobs number to provide a catalyst as we are sitting in the middle of a larger consolidation area that I have marked on the chart. The $1830 level above is a significant resistance barrier, which has held for several months now. Underneath, we have the $1790 level which has been offering support, so obviously been at $1813.80 as I record this, it is not a surprise that we have nowhere to be.

Gold Price Predictions Video 04.08.21

Pay close attention to the US 10 year note, because of money continues to flow into it, there may come a point in time where the real yields simply are not enough, and traders start looking towards gold. That being said, we have a jobs number at the end of the week that could also have people readjusting inflation expectations, so that is something to keep in the back of your head. I do believe that it is only a matter of time before we have to make a bigger decision, and once we finally break out of this gray box on the chart, I think that it will lead to significant momentum.

Breaking above the top of the consolidation range opens up the move to $1860, which is the top of the gap. Breaking above that then allows the market to go looking towards the $1900 region. On the other hand, if we were to drop down below the $1790 level, then $1750 would more than likely be the next target, opening up the possibility of further dropping down to the $1680 level where there was a massive double bottom that was so important previously. In the meantime, short-term range bound trading is the most likely of scenarios.

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