Gold Price Forecast – Gold Markets Continue to Pressure Upside

Gold markets have rallied a bit during the course of the trading session but continues to struggle in the same general vicinity that it had during the previous session. Gold market certainly look as if they are trying to break out, but with rising yields in the United States, it does make a certain amount of sense that gold will continue to face a little bit of an uphill battle. If we do break out to the upside, then it is likely we go looking towards $1835 level. That is an area that has been massively important in the past, so I do think that it is only a matter of time before sellers will jump back into the market there as well. Any breach of that level should be a longer-term “buy-and-hold” scenario.

Gold Price Predictions Video 26.10.21

The 200 day EMA sits just below and is going sideways. The previous downtrend line is also in the same area, so if we were to break down below there it is likely that we would go looking towards the 50 day EMA, and perhaps even lower than that. I think it is only a matter of time before we see a break down from that area, but we obviously need to see yields rally yet again, perhaps the US dollar getting a little bit of strength to send the market to that lower level.

All things being equal, gold will continue to be very choppy and noisy, and continue to get knocked around by the yields coming out of the 10 year note, as well as other things such as currency headwinds and of course whether we are “risk on”, or perhaps “risk off.”

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