Gold Price Forecast – Gold Markets Pull Back to Kickoff Week

Gold markets have fallen significantly to kick off the week on Monday, to reach down towards the $1860 level. This is an area that previously had been resistance, so it does make a certain amount of sense that we would see stability in this area. The market has gone somewhat parabolic, so a red candle is probably one of the best things we can see. The move has been rather impressive, but it is difficult to imagine a scenario where we simply go straight up in the air. I think pullbacks at this point in time will more than likely be buying opportunities but try to find some value before you put a lot of money to work.

Gold Price Predictions Video 16.11.21

Pay close attention to the US dollar, because if it starts to strengthen, that could cause a little bit of a headwind, but ultimately this is a market that I think has shown its hand, meaning that we are more than likely going to continue to see upward pressure over the longer term. This is mainly due to the fact that interest rates in the United States are not keeping up with the potential inflationary headwinds, so as long as that is going to be the case, gold has a real chance to make headway.

On the other hand, if we were to turn around a break down below the $1825 level, it would not be surprising at all to see this market fall apart and break down rather significantly. I do not expect to see that happen easily, but if it does, then we could see an acceleration to the downside that will catch a lot of people in the wrong side.

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