Gold Price Forecast – Gold Markets Go SidewaysGold markets continue to chop back and forth as we are essentially waiting on some type of catalyst to get moving in one direction or the other.
It is worth noting that gold has recently broken above a significant trend line, but since then we have essentially been stagnant. That should not be a huge surprise, as the market has looked at the overall move to the upside with a bit of suspicion. Remember, the market is likely to continue to see a lot of questions about gold up in this area, as we are approaching the $1900 level.
Gold Price Predictions Video 25.05.21
At this point in time, I think that if we were to pull back, the $1850 level could come into the picture, just as the previous downtrend line code. After that, then we have the “golden cross” that is sitting at the $1800 level. All things been equal, this is a market that I think continues to see noisy behavior, but I do like the idea of gold over the longer term. Remember, inflation is coming and that could continue to push gold higher, and it clearly has made a huge shift in its momentum.
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All things been equal, pullback should be buying opportunities unless of course we get below that $1800 level. If we break down below there, then the market could go down towards the double bottom underneath, although I do not think that is the likely outcome. More likely than that, I anticipate that we will eventually get towards the $2100 level, but we need to see the US dollar start to lose strength yet again, which I do think that a lot of Forex traders are starting to suggest will be a longer-term move over the rest of the year. Whether or not we can break above $2100 might be a completely different question altogether.
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