Gold Price Forecast – Gold Markets Continue to Press 50 Day EMA

Gold markets initially fell during the trading session on Tuesday, piercing the 200 day EMA as the market waited for the CPI figures in the United States. As those numbers came out hotter than anticipated, people began to worry about inflation. The gold markets of course are place that some people come to when they are worried about inflation, so with that in mind it is not a huge surprise to see that we have turned around. That being said, there is still a massive gap above that has offered significant resistance up until this point.

Gold Price Predictions Video 14.07.21

If we do break above the highs of last week, then I believe that the market will probably go higher to go looking at the top of the gap, which is closer to the $1860 level. That is an area that I think will offer a lot of resistance, and quite frankly I believe that there are a lot of people looking to get there. Whether or not we can break above that level might be a different story, but at this point in time I think what we are seeing is a little bit of technical trading more than anything else.

If we were to break down from here, then the $1750 level course is crucial as it was significant support previously. If we were to break down below that level, then it is very likely that we would see a move down towards the double bottom near the $1675 level. Breaking down below that opens up a trapdoor down to the $1500 level. Currently, I think it is going to be very choppy to say the least.

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