Gold Price Forecast – the Gold Markets Reach the 200 Day EMA

Gold Price Forecast – the Gold Markets Reach the 200 Day EMA

Gold markets have rallied to kick off the trading week on Monday, testing the 200 day EMA. At this point, the market looks as if it is going to continue to be noisy, and I do think that it is probably only a matter of time before we would see a bit of hesitation and/or selling off. Ultimately, this will come down to the US dollar more than anything else, and of course bond yields.

The 200 day EMA does have a certain amount of psychological importance, so it is probably worth noting that we will see traders attracted to the market in this general vicinity. That being said, the $1800 level underneath has offered a significant amount of support, so we may be trying to enter some type of consolidation phase before a recovery.