Gold Price Forecast – Gold Markets Continue Consolidating
Gold markets have fallen a bit during the course of the trading session, but as you can see, we have been bouncing around between a couple of major moving averages. The downtrend line that I have drawn on the chart is offering resistance just above, and therefore it is likely that gold will continue to struggle overall. I do think that ultimately gold will find its momentum, be it either higher or lower. I also believe that a lot of interest will be paid to the 10 year note, as the interest rates coming out of America will have a massive influence on whether gold can rally or not. The higher that interest rates go, the more impactful it is on the possibility of gold trying to rally. Overall, this is a market that I think is trying to figure out its next move, which of course could be rather impulsive.
Gold Price Predictions Video 28.10.21
If we do break down below the 50 day EMA, then it is likely that we will see quite a bit of selling pressure, perhaps opening up the move towards the $1750 level. Underneath there, then we could go looking towards the $1725 level. To the upside, if we were to break above the highs of the last couple of days, then we could go looking towards $1835 level where we have seen a significant amount of resistance. Breaking above there then has the gold market more or less a “buy-and-hold” type of situation. Regardless, I think that gold is going to be very noisy over the next several sessions, and therefore you should probably focus on short-term charts more than anything else.