Gold Price Forecast – Gold Markets Press Downward Trendline
Gold markets have fallen initially during the trading session on Tuesday but have found plenty of buyers near the $1815 level to turn things around and pressed the downward trendline that I have drawn on the chart. Ultimately, if we can break above the $1850 level, then it is likely that we would see a much bigger move to the upside. Keep in mind that the US dollar is getting hammered, so that will help over the longer term. Whether or not it actually causes a breakout is something that remains to be seen, but it is worth paying close attention to the $1850 level as a bit of a marker. If we can break above there on a daily close, then I would be more than willing to be a buyer.
Gold Price Predictions Video 12.05.21
To the downside, I see the 200 day EMA sitting at the $1793 level and the $1800 level as both being viable support levels, and we are even starting to see the 50 day EMA curled towards the 200 day EMA and the so-called “golden cross signal.” I do not necessarily trade that, but I do recognize that a lot of people will make noise about it and that could have people jumping into the marketplace to take advantage of the recent upward momentum. On the other hand, if we break down below the 50 day EMA, which is colored in red on the chart, that would be a very negative sign and probably open up a move down to 1750$, followed by $1700. Either way, this is going to be a very choppy move, but it certainly looks as if gold is trying to turn the tide and change the trend.
For a look at all of today’s economic events, check out our economic calendar.