Gold markets has gone back and forth during the trading session on Tuesday to show signs of support at the important $ 1700 level. At this point, the market is trying to decide whether we should turn around and break down significantly or not, or should we turn around and recover completely? If we were to break below the $ 1700 level, it is likely that we could then fall below the $ 1500 level, which is even more important. With that said, it is very important to be aware of the fact that the neutral candlestick suggests that we see buyers come in and try to support the long-term trend, but you should also be aware that the 50-day EMA is getting ready to break down 200 day EMA. In other words, we will soon make a major decision.
Gold price predictions Video 03.03.21
With that said, if we can take out the candlestick from Monday, I would be a buyer of gold because it would send this market towards the $ 1800 level, and possibly even further. But if yields continue to rise in the United States, and of course the US dollar continues to strengthen, it could also offset the value of gold. In other words, you need to be aware of the US dollar and the 10-year-old banknote in America about what will be the fate of gold. Frankly, I think long-term gold will be an excellent “buy-and-hold” asset, but inflation is nowhere near and therefore I think the market is likely to see a lot of headaches from time to time.