Gold Price Forecast – Gold Markets Form Support of Candle

Gold markets have initially gapped higher to kick off the trading session on Friday, reaching towards the highs of the previous session on Thursday, only to turn around and fall to show signs of weakness. However, we have turned around from there and now it looks as if we are going to continue to try to form some type of base in this general vicinity. The 50 day EMA is sitting just below the $1900 level, so I think that the market will continue to show support in that general vicinity. If we break down below the $1900 level, then it is likely that we go down towards the $1800 level which I think is even more structurally important.

Gold Price Predictions Video 24.08.20

On the other hand, if we break above the top of the candlestick for the trading session on Friday it is likely that we will go back towards the $2000 level. At this point in time, I think there is a lot of psychological resistance, but if we can break above the area, then we can go towards the highs again. This is going to be moving based upon the US dollar more than anything else, so that is worth paying attention to. After all, the US dollar tends to move in the opposite direction of gold, and it has been one of the main drivers of the gold market as of late. As central banks continue to flood the markets with liquidity, that tends to press gold higher and I think that is the most likely path over the longer term.

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