Gold Price Forecast – Gold Markets Continue to Grind Sideways
Gold markets have gone back and forth during the course of the trading session on Monday, as we initially gapped higher but then pulled back to fill that gap, only to turn around and rally a bit. That being said, the market continues to see a lot of resistance near the $1800 level, and as a result I think that area continues to be one that we have to pay close attention to. If we can break above the $1800 level, then we challenge the 200 day EMA. If we can break above that, then the next move would be to go looking towards the $1860 level, which would fill the gap.
Gold Price Predictions Video 29.06.21
To the downside, if we break down below the $1750 level, it could open up significant selling pressure and send this market looking towards the previous double bottom that is right around the $1680 level. Breaking down below that level would more than likely break down the market quite significantly, sending gold plunging towards the $1500 level.
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To close attention to the US dollar, because if it starts to strengthen that might have a negative effect on gold, as gold is priced in those US dollars, and of course people could be looking to buy US bonds, which have seen a resurgence of strength as of late. If that is going to be the case, that all lines up for negative pressure in this market. That being said, we have not filled the gap, so the real question in the long term will be whether or not we can break above that gap and continue going higher?
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