Gold Price Forecast – Gold Markets Threatening Breakout
Gold markets have recovered after initially selling off at the open on Friday, to turn around and show signs of life again. At this point, gold looks as if it is going to continue to act very buoyant and try to take out the $1820 resistance barrier above. If we can break that level, that would be very good for gold, sending this market towards the $1870 level next.
Gold Price Predictions Video 27.12.21
On the other hand, we have to wait and see whether or not we can actually break through that level, because it has been difficult to overcome. This next week is going to be difficult for gold to make a real moves, because of the lack of liquidity. That being said, it certainly shows that the market wants to go higher, the question is whether or not it will have the strength to do so. The 200 day EMA sits just below the bottom of the candlestick for the session and is going flat. In other words, it is essentially set up as a breakout play right now.
On a daily close above that $1820 level, I will be getting long of gold, because I think at that point, we would probably make a pretty quick move of as much as $50. To the downside, if we were to break down below the $1775 level, then that could bring in a lot of selling pressure, but I just do not see that happening in the set up that we have at the moment. The real question is whether or not enough people will show up next week to make this move, or is it something that we have to do in January?
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