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Gold Price Forecast – Gold Markets Bounce From 50 Day EMA

Christopher Lewis
·1 min read

Gold markets have gapped higher to kick off the trading session on Monday, before turning around and falling towards the 50 day EMA and filling the gap. By turning things around in the manner we have, we have slammed into the $1900 level. If we can break above the $1900 level, then the market could go looking towards the $1950 level. At that area, we have seen a lot of selling, as you can see by the huge red candle from that level. All things been equal though, it looks as if we are trying to form some type of bottoming pattern and I think at this point we are simply trying to build up enough momentum to continue the longer-term uptrend.

Gold Price Predictions Video 29.12.20

The 200 day EMA sits at the $1811 level, so I think that is going to offer a little bit of a “floor the market”, and therefore it would define the overall trend. That being said, the market I think eventually goes looking towards the $2100 level above, which is something that I anticipate we will see during the year 2021. I do not think it is necessarily going to be easy to get there, but I do think that the longer-term traders are trying to take advantage of a “buy-and-hold” type of strategy, as there are a lot of reasons to think that perhaps there should be not only a “safety trade” in the gold market, but there is also the massive amounts of stimulus out there that could continue to push gold higher as well.

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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