Gold Price Forecast – Gold Markets Trying to Break OutGold markets initially pulled back just a bit on Wednesday but found buyers underneath to turn things around and show signs of life again.
Gold markets have pulled back just a bit during the trading session on Wednesday to show signs of weakness again, but it looks like we are trying to go to the upside and clear the $1750 resistance barrier. If we can get above that area on a daily close, that is a good sign that we are going to see a continuation to the upside. In fact, that is essentially what I am waiting to have happened in order to start buying. If it does, then I believe at this point time we would probably be looking at a move towards the 50 day EMA, and then eventually the 200 day EMA. The 200 day EMA sits just below the crucial $1800 level.
Gold Price Predictions Video 08.04.21
At this point in time, the market sees quite a bit of noise, and therefore I think you need to wait until we see some type of daily close to break above this short-term resistance barrier. All things been equal, it is likely that the market rising will have to do with yields in America dropping and of course the US dollar softening at the same time. If that happens, it is a little bit of a boost for gold and should send this market much higher. At that point, I would become more bullish of gold, as it will have formed a bit of a “double bottom”, and that of course is a great reversal signal. Yields in the bond market need to cool off though, but we have seen a couple of days of yields dropping, so that clearly lines up with what we have been seen as far as a correlation is concerned.
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