U.S. markets open in 1 hour 59 minutes
  • S&P Futures

    4,164.50
    +4.50 (+0.11%)
     
  • Dow Futures

    34,158.00
    +40.00 (+0.12%)
     
  • Nasdaq Futures

    13,514.00
    +23.00 (+0.17%)
     
  • Russell 2000 Futures

    2,243.80
    +7.20 (+0.32%)
     
  • Crude Oil

    65.25
    -0.38 (-0.58%)
     
  • Gold

    1,791.10
    +6.80 (+0.38%)
     
  • Silver

    26.79
    +0.27 (+1.01%)
     
  • EUR/USD

    1.2050
    +0.0041 (+0.34%)
     
  • 10-Yr Bond

    1.5840
    0.0000 (0.00%)
     
  • Vix

    18.80
    -0.68 (-3.49%)
     
  • GBP/USD

    1.3922
    +0.0014 (+0.10%)
     
  • USD/JPY

    109.1390
    -0.0500 (-0.05%)
     
  • BTC-USD

    57,837.88
    +2,539.04 (+4.59%)
     
  • CMC Crypto 200

    1,485.19
    +79.88 (+5.68%)
     
  • FTSE 100

    7,051.38
    +12.08 (+0.17%)
     
  • Nikkei 225

    29,331.37
    +518.77 (+1.80%)
     

Gold Price Forecast – Gold Markets Get Hammered

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Christopher Lewis
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Gold markets have fallen significantly during the course of the trading session on Friday as traders were more skittish on Friday as we have seen recently when it comes to gold. Ultimately, this is a market that I think continues to see a lot of pressure on it, and if we break down below the bottom of the Monday and Tuesday candlesticks, that could open up even further selling, perhaps reaching down as low as the $1500 level. That being said, it is worth noting that we are starting to see a little bit of a pushback at the $1700 level.

Gold Price Predictions Video 15.03.21

All things being equal, I think this is a market that is going to make a bigger decision sooner rather than later, and therefore I think that we should get a nice opportunity coming our way soon. With that being the case, I think that paying attention to the $1750 level is also crucial, because if we can break above there then I think that the gold market can go much higher. That would have me getting long of the gold market, as it would be a crucial victory for gold bugs.

All things being equal, I think that we will get an impulsive candlestick that we can follow, given the fact that we are at such an important juncture. Yields in the bond market continue to have a huge part of play when it comes to the gold markets as well, as the two tend to move in an inverse correlation. Pay close attention, because the 10 year yields have been like a wrecking ball for precious metals as of late.

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

This article was originally posted on FX Empire

More From FXEMPIRE: