Gold Price Forecast – Gold Markets Form Bullish Candlestick

Gold markets have rallied rather significantly during the trading session on Tuesday to break above the top of the candlestick on Monday. This is a bullish sign, and it should be noted that silver also formed a very bullish candlestick. The question now is whether or not the 10 year yield has stopped rising? The rising yield has been like kryptonite for the precious metals markets, so it will be interesting to see whether or not we can continue the upward momentum.

Gold Price Predictions Video 10.03.21

To the upside, if we can take out the $1750 level, it is very likely the gold will continue to go higher. At that point, I would anticipate that the market would go looking towards the $1800 level, possibly even the $1850 level. On the other hand, if we were to turn around and break below the lows of both Monday and Tuesday, that opens up a flood down towards the $1550 level, possibly even $1500 after that.

At this point, it genuinely goes down to the 10 year yield, and what is going on in the Treasury Notes. As long as yields continue to rise, that will be very negative for gold but with the selloff at precisely the right point in time, we have seen the gold at least has some fight left in it. You can see that we have formed the “death cross” in the last couple of days, but you also will have noted that I do not put much credence into that indicator, as the 50 day EMA crossing below the 200 day EMA does not actually mean anything most of the time.

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