Gold Price Forecast – Gold Markets Run Into ResistanceGold rallied a bit on Tuesday but ran into a bit of a buzz saw due to the down trending line in the symmetrical triangle that we are forming.
Gold markets rallied a bit during the trading session on Tuesday, but gave back the gains as we reached towards the $1980 level, and perhaps even more importantly, the downtrend line from the triangle that we are in. By falling the way, we have, it does suggest that we are still stuck in this range, and quite frankly with the US dollar strengthening during the day, this makes quite a bit of sense. Looking at this chart, it is obvious that the $2000 level will, some issues, and I think it is only a matter of time before we will possibly attempt to get there again. However, the short term it does not look like we are ready to do so, as we are simply consolidating.
Gold Price Predictions Video 16.09.20
Looking at the 50 day EMA underneath at the $1920 level, we should see plenty of support. At this point, we also have the $1900 level underneath backing up this area as support, so that is also something to pay attention to. If we break down below the $1900 level, then the $1800 level comes in the play, which is structurally supportive and could also features the 200 day EMA by the time we get down there. Because of this, it is certainly worth paying quite a bit of attention to these levels, if we get some type of bounce in any of these three specific points on the chart, we could be looking at a nice opportunity to turn around and start buying again.
This will be especially true if the US dollar starts to fall again. However, if the US dollar strengthens longer-term, gold could find itself in trouble.
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