Gold Price Forecast – Gold Markets End The Week With Neutral Candlestick

Gold markets went back and forth during the course of the trading session on Friday, which simply highlights what we have seen over the last couple of weeks, consolidation. It is worth noting that the market looks very bullish up here, due to the fact that the market still has not pulled back significantly from that shot to the upside that got us here. In fact, you can make an argument that we are forming a bit of a bullish flag, which opens up the possibility of a move towards the $2000 level. All things been equal, this is a market that will continue to be very noisy, but I think there are plenty of buyers underneath.

Gold Price Predictions Video 22.11.21

If we were to pull back towards the $1835 level, then it is likely that there should be a certain amount of “market memory” in that area, as it was significant resistance previously. As long as we can stay above there, I remain bullish of this market. However, if we were to break down below that level it is likely that we will see the gold market go looking towards the $1800 level. There is a lot of psychological significance to that big figure, and of course we have the 200 day EMA sitting there.

To the upside, I think if we can clear the $1880 level, then it is very likely that we continue to go much higher. I think we are simply trying to digest a lot of the major gains that we had, which is quite typical in a bullish market.

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