Gold Weekly Price Forecast – Gold Markets Continue Consolidating
Gold markets have fallen a bit during the course of the week but remains somewhat elevated. After all, we have broken above a major downtrend line, and it certainly looks as if the hammer from the previous week is trying to hold in general. Because of this, I think it is only a matter of time before the buyers come in and try to support this market, but I do recognize that the $1850 level simply must hold. If it does not, then we threaten the downtrend line and could possibly break down below it.
Gold Price Predictions Video 14.06.21
If we were to break down below it, then it is possible that the market could test the 50 week EMA at the $1800 level. It is at that point that I would consider the bearish trend continuing, but right now we have a lot of work to make that happen. To the upside, if we can clear the $1910 level, then it allows the market to go looking towards the $1950 level. After that, it opens up the gold markets for a move to the $2100 level, which was the recent highs that the market started to pull back from.
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When you look at the longer-term charts, this has been a significant pullback, but now it looks like we are at least attempting to make the move higher. That being said, expect a lot of noise and as we continue to focus on the idea of inflation. Pay close attention to the US dollar, as a falling US dollar should continue to help gold rally going forward.
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