23.9 C
New York
Wednesday, June 23, 2021
spot_img

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!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

Related Articles

Stay Connected

15,334FansLike
43,300FollowersFollow
2,855SubscribersSubscribe
- Advertisement -spot_img

Latest Articles