Gold Price Forecast – Gold Markets Continue to Go Sideways

Gold markets have been very quiet during the trading session yet again on Friday, as it seems as if we have nowhere to be. Ultimately, the gold markets have been very quiet but that might not necessarily be a bad thing as it has sold off so drastically. Nonetheless, this is a market that has been grinding away as we are seeing the US dollar strengthened a bit. Ultimately, if we continue to see US dollar strength it is possible that this market will break down.

Gold Price Predictions Video 29.03.21

Underneath, if we were to break down below the recent lows, that could open up a huge move to the downside, perhaps reaching all the way down towards the $1500 level. That is a large, round, psychologically significant figure, and therefore it is likely that we would see quite a bit of noise in that vicinity. In fact, we could get a longer-term “buy-and-hold” traders getting into the market as well.

The $1800 level above would be a major barrier, and if we can break above there then it is likely that we could go all the way towards the $1950 level. Nonetheless, this is a market that I think will continue to see a lot of volatility, and I still think that it is much likelier that we break down than break higher. This will be especially true if we continue to see a lot of pressure upwards in yields when it comes to the bond markets, as the higher yields make bonds much more attractive than gold, which has been one of the major drivers of where we have been trading.

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