Gold Price Forecast – Gold Markets Give Up Early Gains to Show Further Weakness

Gold markets have initially tried to rally during the trading session on Wednesday but gave back the gains to show signs of weakness yet again. With the US dollar strengthening the way it has, it has no huge surprise that gold has found its way lower. Now that we are below the significant support region right around $1740 level, it is probably only a matter of time before we get down towards the $1680 level, which is massive support in general. In fact, that is an area that has been a major area of support multiple times.

Gold Price Predictions Video 30.09.21

If we were to break down below the $1680 level, then it would be catastrophic for gold, perhaps sending it down towards the $1500 level over the longer term. On the other hand, any time we get a rally I think it is only a matter of time before the sellers come in and take advantage of the possibility of shorting this market yet again. Pay close attention to the US Dollar Index because of it is negatively correlated to this market. The US dollar obviously has been attracting a lot of attention due to rising yields in America as well, so that is another thing that you need to pay close attention to.

All things been equal, I do not have any interest in trying to buy this market, at least not until we break above the $1775 level, and at that point time we would also have to see yields collapsing in the 10 year note in America, and of course the US dollar falling. Unless that happens, I just do not see how this market stabilizes and bounces significantly.

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