Gold Price Forecast – Gold Markets Try to Recover Into the Weekend
Gold markets have rallied a bit during the course of the trading session on Friday to defend the $1750 level yet again. This is an area that has been supportive more than once, and therefore I think it is likely that we will continue to see this area as important. That being said, if we were to turn around a break down below the lows of the trading session on Thursday, then the market is likely to go much lower, perhaps reaching down towards the $1680 level underneath. That is an area that has been a massive support previously, and therefore it makes quite a bit of sense that it will act as a major barrier. That being said, the market should see a lot of buying pressure in that general vicinity.
Gold Price Predictions Video 27.09.21
If we were to break down below that level, then it is likely that the market would go looking towards the $1500 level. To the upside, if the market were to break above the top of the candlestick on Thursday, then we may make a move towards the 200 day EMA, which is right at the $1800 level. At this point though, the gold market looks less likely to rally than fall apart. Pay attention to the US Dollar Index, it has a major negative correlation to this marketplace. If the US dollar starts to spike again, that will almost certainly put downward pressure on the gold market. Pay close attention to the interest rates coming out of the United States, as it will have a major influence on what happens with gold next.
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