Gold Price Forecast – Gold Markets Give Up Early Gains

Gold markets have rallied a bit during the course of the trading session on Tuesday but have given up the gains to form a bit of a shooting star. The market is a bit stretched at this point, so it should not be overly surprising that we are starting to fall from here, the $1850 level should offer a little bit of support, and then again, I think there would be a certain amount of buying pressure at the $1835 level. At this point, the market breaking down below there would of course be very negative overall.

Gold Price Predictions Video 17.11.21

Quite frankly, this is a market that has been very noisy and explosive recently, so this pullback is more than likely than not going to be a scenario where I would get aggressively short, but all things being equal I think it is only a matter of time before we would be buyers. On the other hand, if we were to break above the top of the shooting star for the session on Tuesday, that would be an extraordinarily bullish sign and it could send this market looking towards the $1900 level. Anything above there then opens up an even bigger move.

All things been equal, I have no interest in shorting this market but if we were to break down below the $1835 level, I would have to reassess the entire situation. Because of this, I think the market is likely to see a lot of interest at that level, but if we were to break down below there, it is likely that we fall apart and start dropping rather rapidly. All things been equal though, the market has simply overextended itself.

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