Gold Price Forecast – Gold Markets Trying to Recapture 200 Day EMA

Gold markets have gapped higher to kick off the week on Monday to not only show signs of strength but jump above the 200 day EMA. Because of this, the market is likely to continue trying to find its way to the upside but the 50 day EMA above could offer a little bit of resistance. Furthermore, the $1875 level is significant resistance, so I think that getting above that area is probably going to be a bit of a challenge. If we can do that, then we are likely to go looking towards the $1900 level, possibly even the $1960 level. Once we clear that area, then gold will go looking towards the highs again.

Gold Price Predictions Video 09.02.21

Underneath, I see the $1750 area as massive support, and quite frankly if we were to give that area up, it is very likely that we would see a significant break down in the gold market. At this point, it certainly looks as if it is trying to retain the bullish pressure, so I do not necessarily think that we are going to break down, at least not in the short term. Pay close attention to the US Dollar, because it obviously has a major influence on this market, and therefore if we started to see a strengthening US dollar, it is likely that gold will suffer. Nonetheless, there is a lot of stimulus out there just waiting to happen around the world, so I do anticipate that gold will probably eventually take off to the upside. Nonetheless, we have some work to do as far as building up enough confidence and support in this area to continue the overall uptrend.

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