Gold Price Forecast – Gold Markets Recover to Consolidate

Gold markets have gone back and forth over the last couple of days, with Wednesday being a bullish turn of events. We are still in a consolidation pattern though, so I do not necessarily think that we are going to see a big move in the short term. That being said, pay close attention to the $1880 level, because if we can get above there then it is very likely that we will continue to see a bullish run in this market. With that being the case, I like the idea of waiting for break out, because it would mean continuation. On the other hand, if we turn around a break down below the $1850 level, then it would show a complete failure.

Gold Price Predictions Video 18.11.21

Things get really ugly below the $1835 level, but it is worth noting that the 50 day EMA has just crossed above the 200 day EMA, forming a so-called “golden cross” that a lot of people pay attention to. Gold markets of course are very noisy, so you need to keep that in mind as the volatility is something that you keep your position size relatively small. If we do continue to see choppy behavior, it means that the breakout that eventually comes will end up being relatively explosive.

Yields in America of course continue to have a major influence on what happens next, so if yields continue to rise, that could cause a little bit of an issue for gold, but right now it seems as if the market is ignoring that. As long as that is the case, gold has a chance to go looking towards in $1900 level above.

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