Gold Price Forecast – Gold Markets Pull Back From Major Resistance Barrier

Gold Price Forecast – Gold Markets Pull Back From Major Resistance Barrier

Gold markets have pulled back just a bit through the trading session on Monday to show signs of exhaustion, but still has further to go in order to find support from what I can tell. Ultimately, the market will probably retest the $1820 region, and it is worth noting that the 50 day EMA in 200 day EMA sits just below there and could offer a bit of a short-term floor. If we break down below that level, then it is very likely the gold will get hammered for a bigger drop to the downside.

Pay close attention to how the US dollar behaves, because gold tends to move in the opposite direction. With that being said, I think that the market will continue to see a lot of noisy behavior and general, as the central banks around the world all look like they are going to be relatively loose with monetary policy, so it could affect currencies, just as the US dollar.