Gold Price Forecast – Gold Markets Pullback After Initial Shot Higher

Gold markets initially tried to rally during the trading session on Wednesday but gave back the gains to show signs of hesitation. At this point, the market is likely to continue seeing the area near $1825 has significant resistance. Above there, then we have the $1830 level, which has been much more significant resistance. Ultimately, this is a market that I think will need some type of catalyst to make that move to the upside. On the other hand, if we break down below the 200 day EMA, it is very likely that we go towards the $1775 level. That is the bottom of the most recent consolidation, so it makes a certain amount of sense that there would be buyers in that area.

Gold Price Predictions Video 02.09.21

Looking at this chart, I think we are trying to make a bigger decision eventually, but we just are not quite convinced as to which direction to go yet. The market continues to see the 10 year yield offer quite a bit of volatility in this market as well, as it tends to move counter to this market. In general, I believe that this is a market that you are playing near the top of range, until something fundamentally changes to push the market much higher. For all of the reasons mentioned in this article, I would be very cautious about your position size, as the volatility could cause massive losses if you are not careful. Nonetheless, I think we are building up pressure for a bigger move.

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