Gold Price Forecast – Gold Markets Continue to Pull Back
Gold markets have fallen again during the session on Monday, after given back quite a bit of the gains on Friday. That being said, it looks like we are towards the top of an overall consolidation range. The market as you can see is hanging around the 50 day EMA and the 200 day EMA. As we have seen this market bounce around time and time again, I think we will continue to see going forward. The $1800 level seems to be obvious resistance, that extends a bit higher. To the downside, it is likely that we will see a lot of support near the $1760 level.
Gold Price Predictions Video 21.12.21
In general, gold is going to get knocked around by the US dollar and interest rates, so pay close attention to those markets. All things been equal, I think this is a market that continues to go back and forth between now and the end of the year as traders are going to close out books. All things been equal, this is a market that I think continues to be very noisy and choppy, but you need to be cautious about putting large positions on this time a year, because you can get sudden shifts in the market.
Nonetheless, it is a very thin market at the end of the year, and it should be noted that the gold market is somewhat small anyway. All things being equal, I think this is a market that is still trying to find its footing for the next move. I do not expect a huge move, but a pullback from this area does make a certain amount of sense considering the lack of interest.
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