Gold Price Forecast – Gold Markets Stabilize to Kickoff Week

Gold markets have gone back and forth during the course of the trading session on Monday, as the market continues to see a lot of noisy behavior just above the $1750 level. By forming a somewhat supportive candlestick after the massive selloff on Friday, that does help an argument for bullish gold traders to get involved. That being said, the 50 day EMA is just above and of course we had a major sell off at the 200 day EMA. Beyond that, we also have a downtrend line that we have to deal with. Because of this, I am not happy about going long gold anytime soon, but if we broke above the highs from the Thursday session, I would almost certainly have to get long at that point.

Gold Price Predictions Video 19.10.21

If we were to reach towards the $1750 level underneath and break down below there, then it is very likely that the gold market goes looking towards $1725 level. After that, then we would more than likely see a move towards the $1680 level, which is an area that we have seen a lot of support in multiple times. Either way, I think this is a market that continues to see a lot of momentum shifting in both directions, and you should probably pay close attention to the US dollar itself. Another thing to pay attention to is bond yields in America, because if they continue to rise, that works against the appeal of gold as well. Either way, I think you are going to see a lot of choppy volatility over the next couple of days.

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