Gold Price Forecast – Gold Markets Continue to Show Hesitation

Gold markets have gone back and forth during the trading session again on Friday, as we continue to see the 50 day EMA just above offer resistance. It is worth noting that the market has struggled to get above that indicator, so with that being the case it makes quite a bit of sense that sellers would continue to jump into this market in that area. I believe there is a significant amount of resistance that extends above there and towards the 200 day EMA, so we are more likely than not going to see some type of pullback.

Gold Price Predictions Video 23.08.21

If we break down below the lows of the week, then I think gold more than likely goes looking towards the $1750 level, which has been supportive more than once. If we break down below there, then the market is likely to go looking towards the $1680 level, which has been a bit of a “triple bottom”, so I think it is probably going to continue to offer support, but the fact that the area has been tested so many times tells me that it could very well give up supporting the market.

If it does, then I anticipate that the market goes plunging towards the $1500 level, an area that of course will attract a lot of attention. If we get to the $1500 level, one would have to think that the marketplace would have to take a serious look at the overall risk picture. The US dollar of course is highly influential as well, and as we continue to see the dollar picked up strength, gold will lose it. If we were to somehow break above the 200 day EMA, then we could start to think about buying.

For a look at all of today’s economic events, check out our economic calendar.