Gold Price Forecast – Gold Markets Crash Into Support

Gold markets have initially tried to rally during the trading session after gapping lower, filled the gap, and then broke down significantly to reach towards $1750 level. The $1750 level is an area that has been important a couple of times in the past, so I think that if we break down below there, we would get a nice “lower low” that we can take advantage of. If we do break down there, then I think the market more than likely will go looking towards the $1680 level, which is where we had seen a lot of support previously, and I think at that point we would need to see a break down below that on the daily chart to really fall apart. At that point, the market then goes looking towards the $1500 level.

Gold Price Predictions Video 24.09.21

On the other hand, if we turn around a break above the 200 day EMA, then it is likely that we go looking towards the $1835 level, an area that has been a significant resistance barrier previously, which breaking above there could open up a huge move to the upside. Nonetheless, we need to pay most attention to this point is probably the US dollar, because it most certainly has a major negative correlation to this market, so if the US dollar starts to selloff, that would be good for gold. However, recently we have seen the greenback strengthen on talk of tapering, and therefore it will continue to cause a bit of a drag on the gold market. Regardless, the market is more than likely going to continue to see choppy behavior.

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