Gold Price Forecast – Gold Markets Continue to Try to Fill Gap

Gold markets went higher during the trading session on Thursday, as we are trying to fill the gap from before. However, we have pulled back a bit to form a bit of a negative looking candle. At this point, it is likely that we continue to see negativity, especially as the US dollar is negative for gold, at least in the short term. The market could go down to the $1850 level where we had seen buyers and could see a little bit of interest. If we break down below there, then it is likely that we go to the $1800 level underneath. That is an area that we had broken out of previously, and of course we have the 200 day EMA underneath there.

Gold Price Predictions Video 09.10.20

On the other hand, if we were to turn around a break above the hammer from the Tuesday session it would be a very bullish sign and could send this market looking towards the $1950 level. Either way, this is a market that will continue to be noisy, and I think there are a lot of concerns out there when it comes to the economy, and therefore we are starting to see money run back towards the US dollar. This could work against the value of gold in the short term, and then we could very well see both of these assets go higher. That of course would be something worth paying attention to because it would show a complete run towards safety. When that happens, both of these markets will continue to be closely watched.

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