Gold Price Forecast – Gold Markets Stagnant

Gold markets have gone back and forth during the trading session on Monday to kick off the week rather quietly. The market of course moves back and forth on a handful of factors, not the least of which would be the US dollar. The greenback has been a little bit firmer during the trading session, so that has put a little bit of hesitation into the gold market itself. Furthermore, the 50 day EMA above has offered significant resistance over the last three candlesticks, but I do think that the path of least resistance is probably still higher over the longer term.

Gold Price Predictions Video 26.01.21

To the downside, the 200 day EMA offers support at the $1821 level, and that of course you have the $1800 level underneath there that could also come into play and offer support based upon the fact that it was previous support, and it is of course a large, round, psychologically significant figure. If we were to break below there, then the next support level is closer to the $1750 level and breaking that would be absolutely toxic for gold.

I still believe that more likely than not we rise over the longer term, looking towards the $2100 level. After all, there are a lot of reasons to look for safety out there, and then of course you have the monetary policy that is so loose around the world, driving up demand for wealth preservation in the form of precious metals and other assets. All things being equal, this is a market that continues to be very choppy overall, but I do think that eventually we will build up the momentum.

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