Gold Price Forecast – Gold Markets Give Up Early Gains
Gold markets have initially rallied during the course of the trading session on Friday but gave back gains as we continue to see a lot of volatility in the gold market. The 200 day EMA has offered technical resistance, but quite frankly part of what we have seen during the day on Friday has been in reaction to the reiteration of Jerome Powell that he is in fact planning on tapering. Not necessarily a huge surprise, and kind of surprising that the algorithm-based trading out there had that reaction. Nonetheless, the market is likely to continue seeing a lot of noisy behavior, because quite frankly there are a lot of headwinds coming out of the treasury market.
Gold Price Predictions Video 25.10.21
The market continues to look very noisy, but you need to pay close attention to the coming out of America, because if they continue to rise, then it is likely that we would see gold suffer as a result. All things been equal, this is a market that I think you need to be very cautious with, recognizing that there are a lot of crosswinds going on at the same time.
If we can break down below the bottom of the candlestick for the trading session, then I suspect that gold will go looking towards $1775, possibly even $1750 after that. On the other hand, if we break above the top of the candlestick for the trading session, it is very likely that we go looking towards the $1835 level where we have seen a lot of selling pressure previously. A breakout above there could become more of a “buy-and-hold” scenario.
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