Gold Price Forecast – Gold Markets Pullback From Trendline
Gold markets have initially rallied during the trading session on Thursday, only to run into a major downtrend line. By doing so, the market has turned around and form a shooting star. The shooting star is preceded by a nice hammer, which suggests that the market is going to continue to see a lot of back and forth in this general vicinity. That should not be a huge surprise, due to the fact that the 200 day EMA is sitting right here as well. Between that and the downtrend line that sits there, we also have the 50 day EMA underneath offering support, so quite frankly I think gold is getting squeezed at this moment. Because of this, I think that it is only a matter of time before we get an explosive move, but we are just not quite ready to do so yet.
Gold Price Predictions Video 29.10.21
If we can break above the highs of the last couple of days, then it is likely that I will go looking towards the $1835 level. Breaking above that level then opens up the possibility of reaching too much higher levels, perhaps offering a bit of a “buy-and-hold” situation. On the other hand, if we turn around a break down below the 50 day EMA, then the market is likely to go looking much lower, perhaps the $1750 level. The $1700 level could be targeted at that point, and one would have to assume that we would see a massive turnaround in the US dollar at the same time. Right now, it looks like we are ready to make a bigger move, it is just that you need to let the market make that move before putting money to work.
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