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

Gold markets have initially fallen during the trading session on Thursday but found enough support above the 200 day EMA to turn around and show signs of life. The 50 day EMA above offers resistance of course, but I think ultimately, we are looking at the gold market build yet another base, and therefore I think we are trying to launch to the upside. Pay close attention to the US dollar, because it is very likely that we will continue to see the inverse correlation continue. At this point, the market is likely to see a lot of noise, because quite frankly there are a lot of concerns out there when it comes to the global economy, and therefore gold could perhaps get a bit of a boost due to the noise out there.

Gold Price Predictions Video 29.01.21

I believe that short-term pullbacks will continue to offer buying opportunities, so we need to look at the market from that perspective. I think that we will get multiple openings to get involved. I have no interest whatsoever in shorting gold, and quite frankly I think it has seen a massive amount of support underneath at the $1800 level as well as the 200 day EMA, so I believe it is only a matter of time before buyers return regardless. I have noticed that the market has been drifted lower for a while, but the key here is that most of it has been very gentle, meaning that it is simple profit digestion that the market desperately needed after shooting straight up to the moon recently. That being the case, I think we are getting close to the timer we start to take off again.

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