Gold Price Forecast – Gold Markets Recover After Early Selloff

Gold markets initially fell during the course of the trading session on Friday but found quite a bit of support near the $1880 level. At this point time, the market is likely to continue to see buyers on these dips, but I believe that we could fall closer towards the $1850 level. All things being equal, the 50 day EMA is starting to race towards that area so that could tie together quite nicely in that general vicinity. On the other hand, if we break above the top of the candlestick for the Wednesday session, then it is likely that we could go looking towards the $1950 level, and even towards the $2100 level for quite some time.

Gold Price Predictions Video 31.05.21

At this point in time, it looks like the market is going to continue to see a lot of hesitancy, but we have seen such a massive spike higher that a little bit of work to get beyond the froth might be the best way forward. Ultimately, this is a market that I think will continue to see a lot of noisy behavior but in general this is also a market that has seen quite a nice recovery. With that being the case, it is not until we break down below the previous downtrend line that I would consider shorting this market, and I would also need to see the US dollar strengthened rather significantly in order to get involved. Until then, I think you have to look at this through the prism of a market that is trying to change the trend again and go much higher over the longer term.

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