Gold Price Forecast – Gold Markets Show Hesitation to Kick Off Week

Gold markets have gone back and forth during the course of the trading session on Monday, as we continue to hang out just above the $1750 level. This is an area that has been very noisy over the last week or two, and I think we continue to pay close attention to interest rates in America as they will have a massive influence on what happens next. A breakdown below the $1750 level could send this market much lower, perhaps reaching down towards the $1725 level. That of course could bring in even more selling pressure to this market, perhaps sending it down to the $1680 level.

Gold Price Predictions Video 12.10.21

On the other hand, if we do rally, we need to take out the top of the candlestick from the Friday session to show a resurgence of buying pressure, and therefore could send this market looking towards the 200 day EMA, possibly even towards the $1800 level. All things being equal, this is a market that I think continues to be very choppy and noisy, and therefore I think the only thing that you can count on is volatility.

You need to be cautious about your position size, because if and when we get some type of bigger move, the market is likely to see plenty of opportunities presented in order to build up your position size. This is an area that I think continues to be very noisy, then it is likely that the same situation will present itself. All things been equal, this is a market that needs some type of large impulsive candlestick in order to get involved in.

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