Gold Price Forecast – Gold Markets Get Crushed Heading Into Fed Meeting

Gold markets have broken down significantly during the course of the trading session on Wednesday as we sliced through the 50 day EMA, and by extension the $1775 level. This is a market that I do believe that given enough time will probably continue to see a lot of noisy behavior, but quite frankly the gold market had been in a downtrend for some time. With that being the case, think the market eventually will have to make up its mind for a longer-term move, but when you look at the downtrend line, you can see that we are forming a bit of a descending triangle.

Gold Price Predictions Video 04.11.21

On the other hand, if we were to turn around a break above the $1810 level, then it opens up the possibility to reach towards the $1835 level. With that being the case, the market would more than likely see a major barrier forming in that area. If we were to break above the $1835 level, and therefore if we can clear that level, it is likely that it would become more of a “buy-and-hold type of market.” If that happens, it is possible that we could go looking towards $2000.

Obviously, we would need to see some type of major shift in the US dollar, something that I do not anticipate seeing anytime soon, at least not to that extreme. If we break down below the $1750 level, then it is likely that we could go looking towards the $1700 level. At this point, it still looks like a “fade the rallies” type of market, just as it has been for a while.

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