Gold Price Forecast – Gold Continues to Form Potential Basing Pattern

Gold markets have gone back and forth during the trading session on Monday as we continue to hover just above a major support level. The $1700 level of course will attract a lot of attention, and therefore it is worth paying attention to. The hammer on Friday suggested that there was going to be significant buying pressure, and that does make sense considering that the $1700 level is a large, round, psychologically significant figure and of course where we have seen bullish action in the past. Furthermore, the 61.8% Fibonacci retracement level sits right here as well, so in general that should attract a lot of attention.

Gold Price Predictions Video 16.03.21

If we were to break above the highs of last Thursday’s candlestick, then I think we could go looking towards the 50 day EMA which is at the $1790 level. On the other hand, if we were to turn around a break down below the lows of last week, the market is likely to go down towards the $1500 level over the longer term. In general, I think this is a market that continues to see a lot of noise, but quite frankly I think that most of what we are going to be doing right now is simply waiting on Jerome Powell and what he has to say about the bond markets. After all, yield have been spiking as of late so that of course has attracted a certain amount of attention. With that being the case, I believe that the next couple of days will be quiet but somewhere around 230 in the afternoon on Wednesday, we will see a bigger move in this market.