Gold Price Forecast – Gold Markets Pullback From 200 Day EMA

Gold markets have pulled back just a bit during the trading session on Wednesday as the 200 day EMA has offered significant resistance. The 200 day EMA going flat of course has a significant influence on where we go next. Looking at this chart, the market has decided that it has nowhere to be, despite the fact that we had shot straight up in the air during the trading session on Tuesday. Because of this, I think we are simply going to go back and forth in a very noisy type of market.

Gold Price Predictions Video 16.09.21

The $1810 level has offered a significant amount of resistance, just as the $1780 level underneath has offered support. With this being the case, the market is likely to see noisy behavior on short-term charts that you can trade from a range bound type of perspective. That being said, if we were to break above the $1810 level, then it is likely that we could go looking towards the $1835 level. That is an area that has been like a brick wall for the market. Clearing that would obviously be a very strong signal that we are going much higher, perhaps reaching towards the $1900 level.

Breaking down below the $1775, then the market is likely to go looking towards the $1750 level. If we break down below there, then the market is likely to go looking towards the $1680 level. That is an area where we have seen a massive amount of support, so at that point I think you would probably have a longer-term “buy-and-hold” traders involved. With this being the case, the market is likely to see a lot of back and forth.

For a look at all of today’s economic events, check out our economic calendar.