Gold Price Forecast – Gold Markets Struggle at Previous Support

Gold markets have gone back and forth during the course of the trading session on Thursday as we continue to struggle just below the $1750 level. That is an area that previously had been supportive, so therefore it makes quite a bit of sense that there would be resistance. The market had rallied a bit during the course of the trading session on Thursday but as the PPI numbers came out offering a look at the inflationary situation in the United States as being hot, the gold market sold off as the interest rates in America picked up just a bit.

Gold Price Predictions Video 13.08.21

If we break above the top of the candlestick, then it is likely that the market might go looking towards the $1800 level, where the 50 day EMA currently sits as well. At this point in time, I am simply looking for signs of exhaustion, which we did start to see during the day on Wednesday, to start selling again. I think that the $1680 level underneath is going to be retested, especially if the 10 year note yields continue to go higher. Furthermore, we have also seen the so-called “death cross” above, which sits right at that resistance barrier I spoke about previously.

I expect to see a lot of choppy behavior but at the end of the day I also expect to see gold continue to struggle. I will be especially true if yields in America continue to pick up. If the 10 year yield continues to climb, that is going to continue to offer a lot of problems for this market. If we were to break down below the $1680 level, then the market is likely to go looking towards the $1500 level.

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