Gold Price Forecast – Gold Markets Continue to Consolidate

Gold markets have gone back and forth during the course of the last couple of weeks, and Friday was just a continuation of what we have seen recently. That being said, the $1900 level does seem to be a bit of a magnet, but as we have pulled back from there it is very likely that we will see support underneath that could come into play. The $1850 level is an area that traders will look to as a buying opportunity, especially now that the 50 day EMA is coming into the picture.

Gold Price Predictions Video 14.06.21

All of that being said, I think there is even more support just below so with that being the case it is likely to continue seeing buyers jumping into pick things back up. On the other hand, if we break above the highs of the last couple of weeks, then it is very likely that we could go looking towards the $1950 level. Ultimately, if we can break above there then it is likely that we could go looking towards the $2100 level. With all this being said, I think that what we are looking at is a market that is going back and forth in trying to decide where the next big move is coming from.

Inflation of course is taking up all of the headlines, but I think what we see is a scenario where we will get an impulsive candlestick sooner or later, but right now we have no momentum to make that happen. For most traders, they will probably simply be trading this market back and forth in a short-term type of manner more than anything else.

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

This article was originally posted on FX Empire

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