Gold Price Outlook for the Holidays and Into 2021

#Gold

$XAU $GLD $USD

Gold price was choppy during Monday’s trading session Monday on thin liquidity.

The market broke down below the 50-Day EMA, but then reversed to show signs of strength again.

But, I believe this is a market that will continue driving North, perhaps reaching to the 1950oz mark.

Keep in mind that the gold markets have a negative correlation to the USD, so pay attention to that number too.

On the Southside

The 200-Day EMA sits at 1800, and that should be “floor the market” when it comes down to the gold market uptrend.

On the Northside

The 2000 mark is now a longer-term target, perhaps even to 2400.

Savvy traders have no interest in shorting gold now, but are buying short-term dips, as there are lots of reasons to believe that stimulus in the US is going to continue for a long time, plus there is a certain amount of a “safety trade” when it comes to gold.

Gold will not go straight North, but the pattern give us a Bullish attitude going forward from what we glean from the technicals.

According to industry investor, Bruce WD Barren, “Yes, gold should go up in steps for a base has now been solidified at the 1800 per troy ounce level. A driver to this will be the continued effect of our Federal deficits which will cause a further deterioration of the US Dollar, a gold driver.”

Below appears to be a composite reasonable forecast for gold per troy ounce by some of the industry experts. 

MonthOpenLow-HighCloseMo,%Total,%
2020
Dec18141808-201719215.9%5.9%
2021
Jan19211866-206219642.2%8.3%
Feb19641801-19911896-3.5%4.5%
Mar18961775-19611868-1.5%3.0%
Apr18681717-18971807-3.3%-0.4%
May18071715-18951805-0.1%-0.5%
Jun18051805-201319176.2%5.7%
Jul19171865-206119632.4%8.2%
Aug19631908-210820082.3%10.7%
Sep20082008-223921326.2%17.5%
Oct21322028-224221350.1%17.7%
Nov21352026-22402133-0.1%17.6%
Dec21332122-234622344.7%23.2%
2022
Jan22342186-241623013.0%26.8%
Feb23012116-23382227-3.2%22.8%
Mar22272176-240622912.9%26.3%
Apr22912116-23382227-2.8%22.8%
May22272227-248323656.2%30.4%
Jun23652309-255324312.8%34.0%
Jul24312431-270725786.0%42.1%
Aug25782492-275426231.7%44.6%
Sep26232487-27492618-0.2%44.3%
Oct26182476-27362606-0.5%43.7%
Nov26062427-26832555-2.0%40.8%
Dec25552499-276326313.0%45.0%

Have a healthy, Happy Christmas Week, Keep the Faith!

#Bullish#GLD#Gold#positive#price#trade#USD#xau