Gold markets have rallied a bit during the day on Tuesday, but we remain well within the range that we have been and for what seems like ages. Until we get some type of definitive decision out of the treasury market, it is going to be interesting to see what happens with gold. After all, yields have a major influence on what happens with the metals market, especially gold. At this point, it looks as if the $1750 level continues offer significant resistance, but it is worth noting that the market has a lot of noise out there that could throw it around due to the fact that the supply chain is disrupting the overall economic outlook.
Gold Price Predictions Video 13.10.21
With the interest rate noise around the world, it is difficult to imagine a scenario where it is going to be easy to trade gold, but we have clearly seen another attempt to rally during the day towards the top of the range. Whether or not we can break above there is a completely different scenario, and at this point in time it looks like the 50 day EMA above continues to offer a significant amount of resistance. The market breaking above there would of course be a very bullish sign, perhaps opening up the possibility of a move towards the 200 day EMA which is just below the $1800 level.
Underneath, if we were to break below the $1750 level significantly, it is likely that we will go looking towards the $1680 level. That is an area that has been massive support more than once and it could be a bit of a “floor in the market” longer term.
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