Gold markets have fallen a bit during the trading session on Thursday, as we continue to see a lot of noisy behavior. When you look at this chart, I think that the consolidation area should continue to be intact, with the $1830 level above being massive resistance while the $1790 level has offered significant support. At this point, the market is likely to see a lot of noisy behavior and therefore you should be cautious about getting too big into the market, at least until we get some type of break out.
Gold Price Predictions Video 06.08.21
If we do get a breakout, to the upside clearing the $1830 level it is likely that we go looking to fill the gap above about the $1860 level. That is an area that would fill the gap and therefore find resistance, so breaking above there would be a very bullish sign, opening up a move to the $1910 level. On the other hand, if we were to break down below the $1790 level, then it is possible that the market could go looking towards the $1750 level underneath which had been massive support. Any move below there will more than likely open up the possibility of a move down towards the $1680 level where the double bottom had formed.
Looking at this chart it is likely that the market continues to stay in the range unless of course we get some type of major shift in attitude when it comes to the greenback, which of course is one of the most significant underlying drivers of where this market goes next. With this, Friday could be important but unless we break out, it will be business as usual.
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This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/gold-price-forecast-gold-markets-151220485.html
