Gold Price Forecast – Gold Markets Continue to Test Same Region

Gold markets continue to be very choppy in general, as we are hanging about the 200 day EMA. The 200 day EMA is extraordinarily flat, so that suggests that we are going to continue to see a lot of chop in this vicinity going forward, as we not only have the 200 day EMA here, but we also have the 50 day EMA here. The downtrend line comes into the picture as well, right along with the $1800 level. The $1800 level is of course a large, round, psychologically significant figure, but also features quite a bit of resistance from the recent attempts to break out. If we do break above the $1810 level, then it is possible that we go looking towards the $1835 level which is even more resistive. Above there, then gold becomes more “buy-and-hold” for the longer-term move.

Gold Price Predictions Video 03.11.21

To the downside, if we can take out the bottom of the Friday candlestick from last week, this is a market that could really start to fall apart, perhaps extending the losses down towards the $1750 level, down to the $1725 level next. That would more than likely move right along with yields in America rising, as the negative correlation between the 10 year note yields and gold has been very strong as of late. All things been equal, this is a market that is going to be very difficult to hang onto until there is some type of major impulsive candlestick, so position sizing will of course be crucial. Because of this, be cautious about your initial position, and only add once you have clarity.

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