Gold markets have fallen a bit during the trading session again on Wednesday, as we have sliced through the 50 day and the 200 day EMA indicators. The market at one point yesterday look like it was ready to break out but so much selling pressure came at the drop of a hat that it is a very obvious that we have nowhere near the amount of momentum to make the breakout happen. Because of this, I think at best we are looking at sideways action over the next several sessions, but at the end of the day is the last week of the year and therefore it makes quite a bit of sense that we might struggle for any real traction to begin with.
Gold Price Predictions Video 30.12.21
The jobs number comes out next week, and I think that will have a major influence on the US dollar which by extension of course will have a lot of influence on what happens here in the gold market. The $1820 level is the barrier that I thought was giving way yesterday, but it got turned around there so quickly that it tells me this market is very unlikely to break out to the upside anytime soon. Because of this, I think it is probably more likely that we go looking towards $1775 underneath, which is support. If we break down below there then we could go looking towards $1750 level next. Either way, pay close attention to the US dollar because it does have a significant negative correlation to what happens here as well, so you need to pay close attention to what is going on with the greenback.