Gold Price Forecast – Gold Markets Continue to Tread Water

Gold markets have gone back and forth during the course of the trading session on Wednesday as we continue to see a lot of noise in general right around this area. As we head towards the jobs number on Friday, gold markets very well could be somewhat quiet, just as the totality of the market seems to be. With this being the case, I like the idea of waiting to see whether or not we get a breakout of the tight range that we are currently in.

Gold Price Predictions Video 03.06.21

Unfortunately, far too many retail traders out there are worried about “pressing buttons” in order to make a quick dollar. The reality is that we are in a situation where the market is going nowhere, and probably will continue to do very little without some type of catalyst. We need to take a look at the US dollar more than anything else right now, which although relatively soft, it is holding onto a major support level. It is because of this that we could very well see a bit of a pullback but I would anticipate that the 50 day EMA and the $1850 level could offer significant support so I would not necessarily be looking to short the market in general.

Regardless, this is a market that I think is going to put a lot of people to sleep over the next couple of days so quite frankly I would not be overly worried about placing trades as the markets are simply in the process of “killing time” in order to digest the most recent break out and decide where to go next.

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