Gold Price Forecast – Gold Markets Give Up Gains at 200 Day EMA

Gold markets have initially tried to rally during the course of the trading session on Friday but gave back the gains near the 200 day EMA. The 200 day EMA of course has been a strong indicator as to where the trend is going, so having said that I think what we will see is the market continue to squeeze between the 50 day EMA and the 200 day EMA. Ultimately, this is a market that I think will be very noisy and be moving more or less based upon the US dollar.

Gold Price Predictions Video 26.04.21

Looking at the chart, if we were to break down below the 50 day EMA, I think the gold market could very well go looking towards the 1725 level, possibly even the double bottom underneath. If we were to break down below the double bottom, then it is likely that we go looking towards much lower levels. On the other hand, if we were to turn around a break above the 200 day EMA, then it is likely that we would go looking towards the $1850 level, possibly even the $1950 level given enough time.

All things been equal, I think what we are going to see is more noise than anything else I would not put a lot of money to work until we can break out of this range. Currently, it does not look like we have any real catalyst, but you need to pay attention to yields in America, because if they continue to spike again it is very likely that we would see gold get hit.

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