Gold markets have gone back and forth during the course of the trading session on Friday to show signs of interest in the $1700 level but at this point in time the market is likely to see a lot of noise in this general vicinity, so we can turn around in recapture the $1750 level, I think that the gold markets will turn completely back around. I recognize that the “death cross” has happened, but quite frankly the death cross tends to be a little late most of the time, so at this point in time it would not surprise me completely to see this market turn around. After all, gold has been sold off quite drastically due to rising interest rates in America.
Gold Price Predictions Video 08.03.21
There are some analysts out there that suspect gold could be hitting a bit of a bottom right now, and if that is going to be the case then we might also see the interest rate yields in America roll back over. This is completely correlated as of late, so pay attention to both markets. The 10 year yield needs to calm down, and then gold starts to become much more attractive. However, if we continue to drop from here, we could see a move all the way down to the $1500 level. I think it is a little early to call either one, because even though we have dipped below the crucial $1700 level, the market has shown a huge bit of confusion in this area, so I think it is only a matter of time before we have to make a bigger decision. I plan on being involved once we get an impulsive candlestick.