Gold Price Forecast – Gold Markets Rally to Kickoff WeekGold markets rallied a bit on Monday, breaking above the $1800 level. That being said, the market has to deal with the 200 day EMA above.
Gold markets gapped a bit higher to kick off the trading session on Monday, and then continue to go higher to reach above the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and therefore I think that breaking above there is a minor victory, but that 200 day EMA is very flat, and of course the 50 day EMA is starting to drift lower. With that being the case, I think that the market will continue to be very noisy, and certainly threatened to the downside. One of the biggest killers of gold lately has been interest rates in America rising, and if that continues to be an issue, gold will get hammered.
Gold Price Predictions Video 23.02.21
Underneath, I see the $1750 level as a major “floor the market” that we need to be paying attention to, because if it gets broken to the downside, this market will fall apart. A lot of this will come down to questions as to whether or not interest rates will continue to rally. At this point, we are seeing a lot of pressure to the upside but there is still a world of resistance above that will continue to keep this market somewhat muted. If we break above the 50 day EMA, then we could go looking towards the $1950 region. This is a market that I think given enough time will have to make a larger move, but right now I think we have a lot of work to do. Short-term back-and-forth trading will more than likely be the biggest driver going forward, and with that in mind I am very cautious about bigger positions.
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