Gold Price Forecast – Gold Markets Reach Towards 200 Day EMA

Gold markets have rallied a bit during the course of the trading session to reach towards the $1810 level. That being said, the market is likely to see bullish pressure on dips, and I think at this point it is probably a “buy on the dip” type of market. To the upside, if we can clear the 50 day EMA then it is likely we will go higher to fill the gap, sending gold towards the $1860 level. That of course is typical, where you will see futures markets fill gaps and open up the possibility of a bullish move.

Gold Price Predictions Video 07.07.21

To the downside, I think there is plenty of support all the way down to the $1750 level. If we break down below that level then things change, and gold could go much lower, perhaps reaching down towards the double bottom underneath which is closer to the $1680 level. Breaking below that of course opens up a bit of a significant drop, perhaps allowing the market to reach down towards the $1500 level. I do not see that happening anytime soon though, and therefore I am more or less going to continue to be a value higher in this market. This will be especially true if we start to see the US dollar fall, which ironically it is not doing as I record this.

Ultimately, this is a market that still has to ask questions of the risk appetite around the world, and of course the greenback. In the short term though, it looks like at the very least we will probably at least make an attempt to fill the gap above.

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