Gold Price Forecast – Gold Markets Show Signs of Exhaustion Yet Again

Gold markets have rallied again during the trading session on Thursday but found enough exhaustion above the 200 day EMA to show signs of serious selling pressure. At this point, gold has been very strong over the last week or so, but we continue to run into a bit of a selling pressure and therefore I think we are at an inflection point. After all, the gap above continues to cause issues and as a result the market probably has quite a bit of work to do if it is in fact going to try to get towards the $1860 level, which is the top of that very same gap.

Gold Price Predictions Video 09.07.21

The 50 day EMA has offered resistance as well, so if we break down below the bottom of the candlestick for the trading session on Thursday, then we probably drop from here, perhaps going to look at the $1750 level. If we break down below there, it is likely that we could go looking towards the double bottom underneath at the $1680 level. Breaking down below there would open up a massive move lower to reach down towards the $1500 level.

Looking at all of this noise, it is likely that we will continue to struggle to go much higher, but the very least I think we are looking at a lot of choppy behavior. All that being said, if we do break above the top of the shooting star from the session on Thursday, that would be a very bullish sign. Pay attention to the US dollar, because it has a negative correlation.

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