Gold Price Forecast – Gold Markets Continue to See Support Hold
Gold markets have initially pulled back during the trading session on Tuesday but have turned around to rally yet again. The $1775 level has been broken above, so it is likely that we could go looking towards the $1800 level next, which is where we have the 200 day EMA hanging about and have seen a significant amount of selling pressure. At this point, which looks to be an area that will probably show a lot of selling pressure, and therefore I think I am going to be waiting for an opportunity to short the market in that general vicinity.
Gold Price Predictions Video 22.09.21
To the downside, the $1750 level will probably come in and support as well, and I do think that it is worth paying close attention to. With that being the case, if we break down below the $1750 level that I think the market is looking to the $1680 level underneath, which has been massive support more than once. With that in mind, I think that it is only a matter of time before we could take out that level if we reach there again, because this will be the fourth attempts. Breaking down below that would open up a bit of a trapdoor for much lower pricing.
To the upside, if we were to take out the $1805 level, then I think it is likely that we go looking towards the $1835 level after that. Clearing that could change the entire trend, but right now I just do not see that happening, because there is so much in the way of noise between here and there and of course the US dollar has been strong for a while.
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