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Gold Price Forecast – Gold Markets Retest Trendline

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  • GC=F

Gold markets have rallied a bit during the session on Friday after jobs numbers missed quite significantly in America. That being said, the market is likely to continue seeing the US dollar as a major factor when it comes to where gold goes, as we are now testing previous uptrend line. At this point in time, I think that the market probably sees any rally as a potential selling opportunity, because quite frankly gold has been a miserable place to be for some time now. With this, I like the idea of shorting gold on signs of exhaustion, but we do not have it quite yet.

Gold Price Predictions Video 06.12.21

If we were to take out the $1820 level, then the market is likely to go much higher, but anywhere between here and there we could see a lot of selling pressure. Furthermore, if we break down below the bottom of the candlestick from Thursday, this market could fall apart and start selling off quite drastically. Either way, I do not have any interest in buying in the short term, because quite frankly gold has been so negative and of course the US dollar itself has been so positive.

As long as that is going to be the case and interest rates in America offer something closer to a real rate of return, gold will be difficult to own. That being said, it is also worth noting that the 50 day EMA is currently trying to cross below the 200 day EMA, which is of course the so-called “death cross” that a lot of longer-term traders pay close attention to.

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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