Gold Price Forecast – Gold Markets Continue to Try and Build Base

Gold markets have gone back and forth during the trading session on Tuesday, continuing the overall attitude of trying to build a base. While this is a good sign, we are not quite ready to take off yet, and certainly need some help from the US dollar. At this point in time, the market is likely to see a lot of back and forth and noisy behavior, but it should be noted that we have recently seen a bit of a double bottom, so I think at this point there are at least some signs that the market may turn around and take off to the upside.

Gold Price Predictions Video 14.04.21

That being said, the interest rate situation in the United States has been rising, and that has worked significantly against the value of gold from time to time. That being the case, I believe that we are simply going to move back and forth with yields, but the recent double bottom does suggest that perhaps we are trying to recover. In other words, I need to see some type of significant impulsive candlestick to get overly enthused, but I do recognize that we could see a turnaround. If we do, we have plenty of time and therefore there is no need to rush into the market.

A break above the 50 day EMA could open up a move to the 200 day EMA but breaking above there would in fact signal a change in trend for a lot of longer-term trend traders, thereby adding even more confidence to a long position. If we break down below the double bottom, that opens up a move down to the $1500 level.

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