Gold Price Forecast – Gold Markets Continue to Sit Around $1900

Gold markets initially pulled back just a bit during the trading session on Monday but have turned around to show signs of stability again. Quite frankly, I think that the gold markets are waiting on the CPI figures later this week to make a move, as inflation is a major question out there. The $1900 level does seem to be important more than once, and therefore I would anticipate that it will be a tough barrier to break. That being said, if we were to break above the top of this barrier, then we could see a bigger move.

Gold Price Predictions Video 08.06.21

For what it is worth, the market continues to see a lot of choppy behavior despite the fact that it has been bullish. I do believe that given enough time we will probably have buyers on dips, and the $1850 level is most certainly supportive. Furthermore, we have the 50 day EMA reaching towards that level, so that is yet another reason to think that people might be interested. After that, we even have an uptrend line that comes into the picture, so it is possible that people may look at it as an opportunity.

All things been equal, I would anticipate a lot of choppy and sideways action between now and Thursday, but one has to favor the upside based upon the price action that has been occurring. In fact, I have no interest in shorting this market until we break down below the 200 day EMA, which is just above the $1800 level. With that in mind, I believe that we are going to continue to see difficult conditions, but conditions that generally favor the upside.

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