Gold markets have initially pulled back just a bit during the course of the trading session on Monday in order to pull back toward support before launching higher. This of course had a lot to do with Jackson Hole and Jerome Powell speaking, as he suggested that there could be a bit of tapering coming, but also suggested that we will see a very slow and measured move. Because of this, the market I think has breathed a collective sigh of relief and started to sell the greenback. This by extension of course sends the gold markets higher, and it does make a certain amount of sense that we would see this end up being the case.

Gold Price Predictions Video 30.08.21

The size of the candlestick is relatively impressive when you look at the most recent action, and now it looks as if gold is starting to catch up to the inflation story, so I believe the next target at this point will probably be $1830, which has been an area of selling recently. Looking forward, I believe that if we can break above the $1830 level, then the market is likely to go looking towards the $1910 level. To the downside, you have to look at the lows of the week as support, and if we break down below that level then it is likely the gold could go looking towards the $1750 level.

Underneath there, then the market is likely to go looking towards the $1680 level. In general, this is going to move with a negative correlation to the US dollar as per usual, so pay close attention to what is going on in the US Dollar Index.

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This article was originally posted on FX Empire


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