Gold Price Forecast – Gold Markets Slightly Positive on Thursday

Gold markets have gone back and forth during the course of the trading session on Thursday as we hang just below the $1800 level. At this juncture, I believe that the market is essentially stuck between $1800 on the top and $1750 on the bottom. It is worth noting that the 200 day EMA is at the $1810 level, so therefore it will offer a little bit of resistance just above. If we break above that level, then it could open up more buying, perhaps reaching towards the $1850 level, which was an area that was somewhat supportive. After that, then the market could go looking towards the $1900 level. That being said, there is a gap that sits just above the 200 day EMA which I think would act as a vacuum towards that $1850 level.

Gold Price Predictions Video 25.06.21

To the downside, if we break down below the $1750 level, then the market could go looking towards the double bottom near the $1675 level. I also recognize that there is still quite a bit of negative pressure, especially if the US dollar were to strengthen, or if we continue to see bond yields pick up again in America, that could drive gold much lower. At this point in time, I think that the market is going to continue to be very choppy, and at this point I would be more than willing to simply sit on the sidelines and wait for some type of major directional move. All things being equal, I think this is a market that I remain fairly neutral on unless of course we break out of that $50 consolidation area.

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