Gold Price Forecast – Gold Markets Hesitate at Same Area
Gold markets have rallied a bit during the trading session on Thursday but continues to see resistance in the form of the downtrend line that I have marked on the chart. Furthermore, we also have the 200 day EMA sitting just above, which of course is backed up by the $1805 level. That is an area that I think would essentially be a trend defining type of level. As long as we stay below there, then I am selling short-term rallies. If we were to break above that level, then it is likely that we could go looking towards the $1835 level. At that point, the market could very well break out to a much larger move to the upside, but right now I just do not necessarily believe this is going to happen.
Gold Price Predictions Video 22.10.21
One of the biggest problems of course is that the interest rates in the United States continue to climb, and therefore puts downward pressure on gold overall. After all, it is easier to hold paper than it is physical gold, which is what a lot of larger firms will do. Because of this, I think gold continues to struggle, and I am much more apt to be a seller than anything else. To the downside, the $1750 level would probably be a target, but breaking down below there really kicks things off towards the bottom of the recent action. Gold will continue to be noisy, but that is nothing new due to the fact that the gold markets are so sensitive to the interest rate scenario. At this point in time, the market is likely to continue to see choppiness.
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