Gold Price Forecast – Gold Markets Hog 50 Day EMA

Gold markets fell slightly during the course of the trading session on Friday, reaching towards the 50 day EMA. Gold is still very lackluster in its performance, as we see the $1750 level offer support as it had previously been resistance. That being said, we are still stuck between the 50 and the 200 day EMA indicators, so therefore the analysis is going to be the same that it has been for the past week or two, that we are simply going nowhere and waiting for some type of reason to get going.

Gold Price Predictions Video 03.05.21

If we break above the $1800 level, I think that the gold market will continue to go higher, perhaps reaching towards the $1850 level. That level being broken to the upside opens up the possibility of a move to the $1950 level, and therefore I think what we are looking at here is the potential of that double bottom previously been a very significant support level, and perhaps even a basing pattern for a potential move higher. However, gold has yet to really launch to the upside, so I think you plenty of time to be cautious and wait to see whether or not we get the buying opportunity that is presenting itself.

On the other hand, if we break down below the $1750 level, then we will almost certainly go looking towards the double bottom underneath. Breaking that opens up a deluge of shorting that will probably send this market down to the $1500 level. All things being equal, I think this is something that we need to pay close attention to more than anything else, but I do not necessarily feel the need to put money to work.

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