Gold Price Forecast and Longterm Prediction (Update 2021)

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: Challenging support around $ 1700

Last Update: March 09, 2021

The Gold price on the daily chart reached a new all time high at $ 2 089.2 on August 7. In the following weeks the gold price dropped to the 200 days simple moving average (yellow line), found support and could revover. After the price was able to break through nearby resistance levels, it was able to climb at local high of November 2020.

After breaking through the November’20 low, the gold price fell straight to the area around $ 1 690 and is challenging support of the 2013 high price mark.

Gold price daily chart - challenging 2013 high levels
Gold price forecast: Key support around 2013 high is challenged (Chart: TradingView)

Resistance levels: 1 767.2 | 1 798.1 | 1 923.7
Support levels: 1 697.8 | 1 566.2 | 1 450.9
SMA200: 1 859.3

Gold price forecast: Technical support levels were broken and the chart may now show more weakness. Probably could also be a sideways phase below the SMA200.

If the current support level gives way, the next targets would be at $ 1 600 and 2019 high.

Gold Price Forecast: Weekly Chart with signs of weakness

Last Update: March 09, 2021

The Gold price on the weekly chart was moving in an established uptrend and has reached a new all time high. Currently, we see the uptrend under pressure and gold price is looking to find support around the level of $ 1 700.

Gold price predictions weekly chart - Looking to find support
Gold Price prediction: Looking to find support (Chart: TradingView)

Resistance levels: 1 767.2 | 1 798.1 | 1 923.7
Support levels:
 1 697.8 | 1 566.2 | 1 450.9

Gold price forecast: The longer term uptrend in the gold price is interrupted trough a strong technical correction. The area around 2013 high seems to give support. The 20-weeks SMA is heading down and could also cover higher prices. A price drop below $ 1 690 could lead to more weakness with target at $ 1 600.

Gold Price Predictions: Monthly Chart

Last Update: March 09, 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.

gold price forecast monthly chart showing uptrend
Gold price forecast: established uptrend showing correction after reaching all time high (Chart: TradingView)

Resistance: 1 798.1 | 1 923.7
Support: 1 697.8 | 1 566.2 | 1 450.9

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 be holding.

Gold Price Predictions: Quarterly Chart

Last Update: March 09, 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.

Gold price forecast based on quarterly chart
Gold price forecast: established uptrend with a correction from the all time high (Chart: TradingView)

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: March 09, 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.

Forecast Long term yearly chart of gold price - historical chart
Gold price forecast: established uptrend reaching all time high (Chart: TradingView)

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 2012 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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