Gold Price Forecast – Gold Markets Give Up Early GainsGold markets initially tried to rally during the trading session on Tuesday but gave back the gains near the $1850 level.
Gold markets have initially tried to rally during the trading session on Tuesday but continues to struggle with the $1850 level. I think we also have to worry about the 50 day EMA above offering resistance as well, so quite frankly I think what we are seeing here is a market that is trying to form some type of basing pattern, but you need to pay attention to the 10 year yields in the United States. As long as interest rates continue to rise, it is going to be a bit of a headwind for the gold market. This is not to say that gold cannot rally over the longer term, and quite frankly I think it does given enough time, but that we are going to struggle in the short term.
Gold Price Predictions Video 10.02.21
To the downside, the $1750 level could be supportive, and therefore if we were to break down below that level, I think it is likely that we would continue to see massive selling, perhaps breaking the gold market down significantly. To the upside, if we were to break above the 50 day EMA on a daily close, then it is likely that we could go to the $1900 level, followed by the $1960 level. That is an area that has been resistance more than once, so I think that a break above that level would kick off a major leg higher, perhaps reaching towards the all-time highs. I do think that given enough time we will have to make some type of longer-term decision but in the short term it looks like we are ready to bounce around in this general vicinity.
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