Gold markets have broken higher during the course of the trading session on Wednesday, breaking above the 200 day EMA during the session. At this point time, the $1800 level looks to be offering a bit of resistance, and if we can break above there then I think the market is likely to go much higher. At that point, I would anticipate that the market goes looking towards the $1850 level, which is the next area that we had seen selling. After that, then we could go looking as high as $1950. Obviously, gold will move inversely to the US dollar as per usual, and the fact that the US dollar is on its back foot overall should continue to help gold in theory.
Gold Price Predictions Video 22.04.21
The yields in America are still somewhat rising overall, but they have calmed down. And that is without a doubt one of the biggest things that will help gold going forward, and if we can get a daily close above the 200 day EMA, I think that it is very likely that the market is likely to go much higher. In fact, I have been suggesting that we need to break out of the area between the 50 day and the 200 day EMA indicators, and it looks like that is exactly what we are doing now. If that is going to be the case, then I think gold has much further to go, as we had formed a nice double bottom and it looks like we are ready to go much higher. I have no interest in shorting, at least not until we break down below the 50 day EMA which currently sits at the $1761 level.
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