Gold Price Forecast – Gold Markets Getting Absolutely Crushed

Gold markets have got absently crushed during the Friday session as traders start to bet on higher interest rates in the United States. As long as that is a real threat, it is very likely that the market will continue to see downward pressure on gold, as we now threaten the $1750 level. Breaking down below that level opens up a massive selloff, perhaps reaching down as low as the $1680 level. This is quite a turnaround, and now it looks like gold is in serious trouble. After all, candlesticks like this do not happen every day.

Gold Price Predictions Video 09.08.21

If we do turnaround though, the 200 day EMA currently sits just above the $1800 level which has a certain amount of psychological importance built into it to begin with. With that in mind, I think it is only a matter of time before we would see traders take advantage of selling pressure in that area. Quite frankly, we have been dancing around for two months now trying to figure out where to go, and it seems as if Friday finally give us an answer. I looking to fade short-term rallies and signs of exhaustion, as the US dollar should continue to strengthen overall.

It would take a daily close above the 200 day EMA for me to even consider the upside at this point, something that does not look likely to happen in the near term. That is not to say it cannot, but obviously the probabilities are pretty low now.

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