Gold Price Forecast – Gold Markets Testing Major Resistance Area
Gold markets have rallied rather significantly during the course of the trading session on Friday to reach towards the $1810 level. This is a region that has offered quite a bit of resistance previously, and of course also has the downtrend line in the picture that could offer a bit of selling pressure as well. That being said, the market does look like it is very stout, but we need to get a daily close above the highs of the Friday session to go looking towards $1835 level. If and when that happens, then we could see the gold market go much higher over the longer term.
Gold Price Predictions Video 08.11.21
It is worth noting that if we do pull back, there is the 200 day EMA and the 50 day EMA, and they will cause a lot of noise. If we break down below the 50 day EMA, then it opens up the possibility of a move down to the $1775 level, and then the $1750 level. Gold is starting to look a lot better against the dollar during the last 48 hours, but quite frankly gold tends to do very poor when interest rates rise. It is probably only a matter of time before we see that happen, and if it does, that could work against the value of this market. Anything above the $1835 level course is very bullish, and I think people will be looking at the market through the prism of a “buy-and-hold” type of scenario. One thing I think you can count on is a lot of noisy behavior, but it still looks like a market that is held hostage by the bond market.