In this article we make a Gold price forecast and also a long-term prediction. We would like to give an assessment of the further price development of the Gold price in US-Dollar. We also look at the long term charts for Gold, which are the yearly, quarterly and monthly charts with logarithmic scale. The basis of our analysis is Price Action and Technical Chart Analysis.
The charts used are from TradingView and the prices are from the Gold Futures traded at COMEX.
Gold Price Forecast: Dipping below $ 1 800
Last Update: June 29, 2021
At the time of the analysis, the price of the gold future was at 1 776 US dollars. In the daily chart shown here, the price trend to a new historical high can be seen. Starting from this high, the gold price had to give up its gains back to below the level of $ 1 700.
After testing the support zone around $1,690 twice, a recovery has started, which could move in a short-term uptrend structure to the area around $1,900. There, the gold price encountered major resistance and turned downward again.
The downward movement is currently pausing sideways below $1,800 and has so far been able to hold above the support of the November’20 low.
Resistance levels: 1 798.1 | 1 923.7 | 1 966.1
Support levels: 1 767.2 | 1 697.8 | 1 566.2
SMA200: 1 835.6
Gold price forecast: After the break of the 50% retracement from the recovery movement, prospects for a resumption of the upward movement have dimmed. The chart picture remains negative below the SMA200.
Even though a pullback would be expected initially after this drop level, the ongoing tight consolidation could also be exited directly to the downside.
Gold Price Forecast: Weekly Chart with a breather near the 2012 high
Last Update: June 29, 2021
The Gold price on the weekly chart was moving in an established uptrend and has reached a new all time high. The subsequent development shows a corrective movement with a break of the nearby supports.
The current downward movement is now at the low of $ 1 673. The price has tested this area twice at the low from June 2020 and then started a significant recovery movement. After a reversal at the 2011 high, the price broke down sharply and is taking a break just below the 2012 high.
Resistance levels: 1 798.1 | 1 923.7
Support levels: 1 697.8 | 1 566.2
Gold price forecast: The SMA20 runs below the SMA50. The chart picture, which is still neutral in the present situation, remains active, but shows clear downward pressure in the latest development.
In the past week, the built-up tension seems to have been discharged for the time being, but a break below $ 1,760 could see another run to the 2013 high.
Gold Price Predictions: Monthly Chart
Last Update: June 29, 2021
The Gold price on the monthly chart is moving in an established uptrend and has reached a new all time high at $ 2 089.2.
Resistance: 1 798.1 | 1 923.7
Support: 1 697.8 | 1 566.2
Gold price predictions: On the monthly chart, it looks like a cup with handle chart pattern could form. For this to happen, the share price would have to turn upwards at one of the next support zones. At the moment, the area around $ 1 690 seems to grant support.
Gold Price Predictions: Quarterly Chart
Last Update: June 29, 2021
The Gold price on the quarterly chart is moving in a correction within an established uptrend and expecting support around the 2013 high levels.
Resistance: 1 798.1 | 1 923.7 | 2 089.2
Support: 1 697.8 | 1 566.2 | 1 450.9
Gold price forecast: The gold price could resume its upward movement out of the correction. For this to happen, the share price would have to turn upwards at one of the next support zones. At the moment, the area around $ 1 690 seems to be holding.
Gold Price Predictions: Historical Chart (Yearly Chart)
Last Update: June 29, 2021
The Gold price on the yearly chart is moving in an established uptrend and has reached a new all time high at $ 2 089.2 on August 7, 2020.
Resistance: 1 923.7 | 2 089.2
Support: 1 697.8 | 1 566.2
Gold price forecast: We see an established uptrend, so probabilities favor a continuation of the long term price advance. The high of 2011 at 1923.7 is relevant resistance. The positive chart picture would turn to neutral, if gold prices falls below the high of 2019 at $1 566.2. The long term picture of the gold price could turns to negative if prices fall below the low of 2015 at $ 1 045.4.
What is the current price of Gold in US-Dollar ?
The current price of Gold you can see here.
*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.
Do you think our predictions are accurate? What are your thoughts on the methods used to reach our conclusions? Let us know in the comments below.
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