Gold Price Forecast – Gold Markets Struggling in Familiar Cluster
Gold markets have shown themselves to be extraordinarily choppy over the last several sessions, as we continue to struggle with the idea of where to go next. That being said, the 200 day EMA sitting just above could be a bit of a problem, but at the end of the day the 200 day EMA is also flat, meaning that it is not necessarily showing much of a trend one way or the other. We have seen a lot of noisy behavior, and a lot of this will come down to the bond markets, and whether or not they are showing signs of higher interest rates. If they are, then gold will be sold off drastically.
Gold Price Predictions Video 30.11.21
Pay attention to the US dollar as well because it does have a bit of a negative correlation, which of course comes back to the bond market anyway. If we can break above the 200 day EMA, then I think we have an attempt at the $1820 level happening, but that is an area that I think will be very difficult to overcome. If we can break that, then I start thinking about buying again. To the downside, breaking below the $1775 level since fresh selling into the market, opening up the possibility of a move down to the $1750 level rather quickly. That of course would be more of a capitulation, but as we have seen recently, this is most certainly a very strong bearish market, and it could continue to see more of the same behavior.
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