Gold Price Forecast – Gold Markets Crash Into Major Support

Gold markets have broken down rather significantly during the course of the trading session on Monday, essentially crashing roughly $100 in about 30 minutes to kick off the week. We have bounced quite significantly since then, but at the end of the day we are still sitting underneath the $1750 level. That is an area that I have mentioned previously before that this is an area that I think we would see a lot of interest, and as a result this previous support should be significant resistance. In fact, it is not until we break above the top of the candlestick for the Monday session on a daily close that I would consider buying.

Gold Price Predictions Video 10.08.21

Furthermore, another thing that gold needs to see is the US dollar weaken, something that it does not seem to want to do right now. If interest rates in America continue to rise, that more than likely will send this market lower to try to retest that support region in the form of the $1650 level, an area that previously had formed a massive double bottom. We could not break through there initially, but that should not be a huge surprise considering that we crashed towards that area so quickly.

Obviously, if we were to break down below the lows of the candlestick for the trading session on Monday, then I do think that we continue to go lower, perhaps reaching down towards the psychologically important $1500 level. Alternately, if we take out the top of the Monday candlestick, then I think we may make an attempt to get to the $1800 level.

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