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Gold Price Forecast – Gold Markets Show a Neutral Candlestick

Christopher Lewis
·2 min read

Gold markets have gone back and forth during the course of the trading session on Tuesday to show signs of support at the important $1700 level. At this point, the market is trying to decide whether or not we are going to turn around and break down significantly, or are we going to turn around and recover completely? If we were to break down below the $1700 level, it is likely that we could then go down towards the $1500 level, which is even more important. That being said, it is very important to pay attention to the fact that the neutral candlestick suggests that we are seeing buyers come in and try to support the longer-term uptrend, but you should also pay attention to the 50 day EMA getting ready to break down below the 200 day EMA. In other words, we are going to have a major decision made soon.

Gold Price Predictions Video 03.03.21

With everything being said, if we can take out the candlestick from Monday, then I would be a buyer of gold as it should send this market towards the $1800 level, and then possibly even further. However, if yields continue to spike in the United States, and of course the US dollar continues to strengthen, that also could work against the value of gold. In other words, you have to pay attention to the US dollar and the 10 year note in America as to what is going to be the fate of gold. I frankly, I think longer-term gold is going to be an excellent “buy-and-hold” asset, but inflation is nowhere near and therefore I think that the market is likely to see a lot of headaches between now and then.

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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