Gold Price Forecast – Gold Markets Continue to Pressure Major Resistance

Gold markets have rallied a bit during the course of the trading session on Wednesday to go looking towards the $1790 level. This is an area that is stuck between the 200 day EMA and the 50 day EMA, and therefore it is likely that we could see a little bit of noise. Furthermore, we also have the downtrend line that I have marked on the chart and that has been important just above. The 200 day EMA which is sitting at the $1795 level, and then of course the all-important $1800 level. The $1800 level has a certain amount of psychological significance attached to it, and therefore I think a lot of people will be paying close attention to this area. If we can break above the $1805 level, then we may have something going.

Gold Price Predictions Video 21.10.21

At this point in time, you can also make an argument for a massive descending triangle, so one would think that there is yet another reason to assume that the markets will continue to face bearish pressure. However, if we break above the $1805 level, then it could show a complete breakdown of the downtrend, allowing the market to rally quite significantly. All things been equal, I think the one thing you can probably count on is a lot of noisy behavior in general, so you need to be cautious with your position size, but it still looks as if we have a lot of trouble just above waiting to cause major issues. Pay attention to the US Dollar Index, it has a massive negative correlation to this market most of the time.

For a look at all of today’s economic events, check out our economic calendar.