Gold Price Forecast – Gold Markets Rally Again

Gold Price Forecast – Gold Markets Rally Again

Gold markets have rallied during the trading session on Thursday, as we have seen more upward pressure. It’s worth noting that the market is facing a bit of resistance just above, and therefore I think we could struggle a bit in the short term. That being said, the Friday candlestick is going to include the jobs report in the United States, so I would anticipate that by the end of the day Friday, we will know whether or not gold can truly break out.

Just above, we have the 50 Day EMA offering a bit of dynamic resistance, but ultimately, I do think that gold has a real shot at going higher based on what we have seen. Whether or not it is going to be an easy breakout is a completely different question of course. The 200 Day EMA is right in the middle of the daily cluster, so therefore we need to be cognizant of the fact that this market is still trying to determine whether or not it can break out.