Gold Price Forecast – Gold Markets Trying to Find Footing

Gold markets have fallen again during the trading session on Monday as we continue to see a lot of lackluster performance in the marketplace. That being said, I think that the market will also pay close attention to the US dollar, as the strength of the US dollar would work against gold in general. Part of that is going to be the interest rate situation in America as well, as rates have been climbing on the 10 year note and multiple other markets. As long as that is going to be the case, then it is likely that we will see gold be very soft to say the least.

Gold Price Predictions Video 23.03.21

From a technical analysis standpoint, you can make an argument for the $1700 level as being crucial, as it is the 61.8% Fibonacci retracement level, but it is also where we had seen previous resistance that should now offer support. That being said, if we were to make a fresh, new low, that could open up a move all the way down to the $1500 level. That of course would have me selling off the gold market quite drastically. On the other hand, if we were to break above the $1750 level, we could go looking towards the $1800 level.

We have had a strong negative correlation between yields and gold, so at this point time I think that if you have a 10 year yield chart up in front of you, you will know where gold is going to go next, as it moves in the opposite direction so frequently these days. In general, I think the one thing you can probably count on is volatility, but I do think that we are looking at a scenario where we were going to find it much easier to sell off than to go higher.

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