Gold Price Forecast – Gold Markets Pullback to 200 Day EMA

Gold markets have broken down significantly during the trading session on Tuesday, losing roughly 1.5%. We have filled the gap and beyond from the Monday session to reach towards the 200 day EMA. The 200 day EMA of course will offer a significant amount of support, so at this point I think what we are looking at is a potential return to the consolidation area that we have been in over the last couple of months. Remember, part of what we have seen in the precious metals market has been led by the “retail short squeeze” in the silver market. Remember, silver and gold do have a bit of a knock on effect on each other at times.

Gold Price Predictions Video 03.02.21

Pay close attention to the US dollar, because that obviously has a certain amount of attention as well. The US Dollar Index has turned around to show signs of life again, and therefore it could work against the value of gold. That being said, I think there is plenty of support all the way down to the $1800 level, possibly even the $1750 level. If we do break down below the $1750 level, then the market is likely to go much lower. Until then, I am simply waiting to see some type of supportive action in order to get involved to the upside. We do not have some type of bounce and confirmation. To the upside, I believe that the 50 day EMA above would be massive resistance, but if we can break above there then it opens up the possibility of gold going towards the $1900 level, possibly even the $1960 level after that.

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