Gold Price Forecast – Gold Markets Get Hammered
Gold markets have fallen a bit during the course of the trading session on Tuesday as we have seen the top of the range tested. At this point, it looks like we are not quite ready to go higher, so a pullback makes a certain amount of sense. If we break down below the 50 day EMA, then it is likely that we go looking towards the $1750 level. At this point, the market looks as if it is overdone, so therefore a bit of a pullback makes a certain amount of sense.
Gold Price Predictions Video 27.10.21
On the other hand, if we were to turn around a break above the top of the range from the last couple of days, that could open up the possibility of a move towards the $1835 level. That is an area that would obviously be important due to the fact that it had been significant resistance. Ultimately, if we were to break above there then it would change the overall attitude of gold, sending it much higher.
That does not look very likely though, so with that in mind I believe that this market will find plenty of hesitation between here and there. In fact, the candlestick from the Tuesday session is a bit of a “warning shot across the bow” of the buyers. It takes very little imagination to see this as an area that Ms. consolidation between $1813 and $1780. As long as we are in this area, not much has changed, but if we do break out of this range, tells us what direction we will be heading.
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