Gold Price Forecast – Gold Markets Reaching Towards Resistance

Gold markets have rallied a bit during the trading session on Tuesday, reaching towards the $1750 level. That is an area that has been resistance multiple times, so as we approach this level it is most certainly worth watching. What I need to see in order to start buying is going to be a daily close above that level, because it would show not only a breakout, but the willingness to stay above that level. It is also worth noting that the 50 day EMA is reaching towards that level, so it would be a significant area.

Gold Price Predictions Video 07.04.21

If we pull back, then I think we simply go back and forth in the consolidation area that we have been in for some time, so that being the case I think that we are looking at the $1700 level as a bit of a magnet for support, but if we get the breakout, then it is likely that we will go looking towards the 200 day EMA, which currently sits at the $1797 level. Ultimately, this is a market that I think continues to see a lot of volatility, but we are paying close attention to the interest yields in America, as the yields rising head done such a significant number on gold. At this point, it looks like we are trying to figure out what we are doing. Given enough time, it is likely that we will have an obvious daily close that we can follow. In the short term, I would not trying to anticipate what happens next, because Murphy’s Law will of course come back to bite you. The market will be making a bigger move.

For a look at all of today’s economic events, check out our economic calendar.