Gold Price Forecast – Gold Markets Continue to See Downward Pressure

Gold markets have tried to rally a bit during the trading session on Friday, but then gave back the gains to show quite a bit of negativity yet again. Ultimately, gold does not look healthy, and I think we are going to continue dropping towards the $1750 level. Quite frankly if we could not hold on to any type of recovery, this tells me that there is simply no demand. I think at this point, it is very likely that the market will break down below there and perhaps go looking towards the double bottom at this rate.

Gold Price Predictions Video 21.06.21

There is a double bottom just below the $1700 level, and if that gives way it could really start to send this market into a tailspin. I do not necessarily think that happens, but at the US dollar continues to strengthen, that could very well be what ends up being the endgame. On the other hand, the US dollar finally comes down, we could see this market turn right back around so it is going to be very important watch the US Dollar Index.

As far as buying is concerned, if we can break above the $1800 level it is a sign that perhaps will go looking towards the gap above to fill it as we see quite often in the futures markets. One thing is for sure though, this is a very negative looking market all of the sudden, and it certainly looks as if the selling pressure is going to be very difficult to overcome based upon the massive gap and the relentless pressure that we have seen multiple times over the last several days.

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