Gold Price Forecast – Gold Markets Have Choppy Uneventful Session

Gold markets have gone back and forth during the course of the trading session on Friday as we continue to chop up trading accounts back and forth with no real directionality at all. This is a great way to lose money unless you are a short-term scalper, so be cautious at this point. The 50 day EMA and the 200 day EMA both are offering resistance, and the fact that we cannot break above the $1800 level should be noted. With that in mind, I think we continue to go back and forth with no real direction.

Gold Price Predictions Video 13.09.21

Keep in mind that the US dollar has a lot to say itself, so you should pay close attention to the US Dollar Index, because it moves in such a negative correlation. If the dollar strengthens, that typically will work against the value of gold overall. Because of this, I think that what we are looking at is a simple reflection of the lack of clarity that most of the markets have. With all of the questions out there, it is difficult to imagine that the markets are simply going to move in one direction or the other with any type of certainty. If we break down below the $1775 level, then I think it is very likely that we go looking towards the $1750 level, followed by the massive floor in the market at the $1680 level.

On the other hand, if we were to turn around and rally it is not until we break above the $1835 level that I would be highly confident in some type of long position based upon the noisy behavior that we had seen as of late.

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