Gold Price Forecast – Gold Markets Give Up Early Gains

Gold markets have failed at recovering during the trading session on Friday, as we initially broke out towards the $1815 level, only to turn around and sell off quite drastically. As result, we are forming a less than attractive candlestick, and it does suggest that perhaps we may reenter the consolidation area just below. If that is going to be the case, it is possible that we could go looking to fill the gap underneath that formed 48 hours ago. That could have this market looking all the way down to the $1775 level, possibly even further than that given enough time.

Gold Price Predictions Video 20.12.21

On the other hand, if we can break above the $1815 level decidedly, that could send this market into a much bigger move to the upside, perhaps as high as $1850. The area just above there is massive resistance, but it certainly makes for a nice target for longer-term traders. That is an area that obviously will attract a lot of attention, so I think it is worth noting that anything in that general vicinity will probably face a major barrier.

All things been equal, we need to pay attention to real rates in the US dollar. If we can see those rates fall, that could help gold, but at this point in time we have a big fight on our hands. Ultimately, this is a market that I think is probably going to stay in some type of range over the next couple weeks. We may have just found the top of it. Keep in mind that markets will be thin over the next couple of weeks as we head towards New Year’s.

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