Gold Price Forecast – Gold Markets Continue Forming Triangle

Gold markets have rallied a bit during the trading session on Friday, as the triangle itself continues to compress price. Do not be wrong, I do believe that we break the triangle one way or another relatively soon, and the key may be the US dollar. If that is going to be the case, then you need to pay attention to the US Dollar Index. This market quite often will move in the opposite direction, unless of course is a major “risk off event”, which can have both the dollar and gold rallying. Because of this, the US dollar should be thought of as an indicator, but only one of several that you should be paying attention to.

Gold Price Predictions Video 21.09.20

The 50 day EMA sits underneath at the $1925 level, and I think that also offer support, followed by the $1900 level, because of this, I think it is only a matter of time before the buyers come back in and pick up the metal “on the cheap.” Having said that, I think that we will eventually get some type of impulsive move meant that can be followed. With that being the case, being a bit patient will probably make the most sense, as although I am bullish, I simply do not jump in and pick this market up randomly.

It is just like any other type of commodity or asset that you choose to buy, you need to find it at a good price. If we can break higher, the $2000 level will be the initial target, and a move above there opens up the possibility of $2100 after that.

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