Gold markets have rallied rather significantly during the course of the trading session on Thursday, gapping higher and then simply never looked back. We are now well above the 200 day EMA, so now the question is whether or not we can take out the most recent high. If we can, then the market is likely to go looking towards the top of the gap, which is closer to the $1860 region. Breaking above there would of course be a very bullish sign but at this point in time I think that sure target to begin with.
Gold Price Predictions Video 30.07.21
Ultimately, this market could pull back from here but at this point in time I think it is only a matter of time before a certain amount of buying pressure could reenter the market. That being said, we could simply stick in the same consolidation area that we have been in, so it will be interesting to see whether or not we can break above the top of the most recent high. If we do, that would be a very bullish sign to say the least, and as a result the markets would continue to see more momentum to the upside. Pay close attention to the US Dollar Index, because of the dollar does of course continue to suffer, that could also push gold higher by proxy.
I think the one thing you can probably count on is going to be a lot of choppy behavior in this general vicinity so that is something that you should be very cognizant of. At this point the question is whether or not this massive move has wiped out all of the sellers, or is it simply going to be faded again? I suspect we will know by the weekend.
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