Gold Price Forecast – Gold Markets Show Continued Support

Gold markets have initially pulled back during the trading session on Thursday to show signs of weakness, but as you can see, we have had several buyers in this general vicinity. With that being the case, it certainly looks as if the gold market is trying to find enough support to turn things around, but we have the jobs number coming out on Friday it is likely that we will see a lot of noise during the day, so I would not put too much money into the market. With that being the case, I will wait to see whether or not we can break out above the highs from Monday and Tuesday, which is at the $1771 level. If we can, then the market is likely to go much higher, testing the 50 day EMA and then possibly the 200 day EMA which is essentially the $1800 level.

Gold Price Predictions Video 08.10.21

On the other hand, if we turn around and take out the $1745 level, then I think the market probably goes looking towards the lows. The last couple of days have been very encouraging, and of course there was a very impulsive candlestick last week that got us to this area. That something that you need to keep in mind but the Non-Farm Payroll announcement on Friday will probably have a major influence on where the US dollar goes next, which of course will have a major influence on gold and where it goes. All things been equal, I think the next couple of sessions will be crucial so I will be paying close attention to these barriers. That being said, I will wait until I get a daily close to confirm.

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