Gold Price Forecast – Gold Markets Sliced Through Major Moving Averages
Gold markets have initially tried to rally during the trading session on Tuesday but then gave back the gains rather rapidly as we ended up slicing through the 200 day EMA. At this point, the market is well below the $1800 level, and therefore it looks like the gold market is in serious trouble. If we cannot bounce some time rather soon, the gold markets are probably gone. At that point, I would anticipate that gold would go looking towards the $1750 level, perhaps even down to the $1725 level. On the other hand, if we do recover then this could end up being a nice trade.
Gold Price Predictions Video 24.11.21
That being said, the market is likely to see plenty of sellers on the bounce is going forward, with that being said I like the idea of fading signs of exhaustion on short-term charts. Pay close attention to the US dollar and of course the interest rates coming out of America, because they have a major influence as on what happens next with the gold market. Quite frankly, if you can get a decent yield coming out of bonds instead of paying for storage when it comes to gold, it makes quite a bit of sense that you would stick to bonds. At this point in time, we are oversold so at the very least I would anticipate this market rallying, but the question now is whether or not we see signs of exhaustion? If we were to see that exhaustion, I would not hesitate at all to start shorting.
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