Gold Price Forecast – Gold Markets Bounce From 50 Day EMA

Gold markets have fallen initially during the trading session on Wednesday only to find buyers near the 50 day EMA. That being said, the market is likely to continue to see a lot of choppiness, but it certainly looks as if gold is trying to pull it together finally. This is more than likely going to be based upon the US dollar weakening, which is starting to get hammered during the session. That being said, the Federal Reserve of course also has a significant amount of influence on the greenback, and it does have a meeting later in the session. Nonetheless, there is very unlikely going to be anything along the lines of a surprise, so it is more than likely going to be a “nonevent.”

Gold Price Predictions Video 29.04.21

With that being the case, if we were to break down below the 50 day EMA then it is likely that we will go towards the $1750 level. At this point, if we break down below there it is likely that we then go looking towards the double bottom underneath. If we break down below the double bottom, then it opens up a move all the way down to the $1500 level. On the other hand, if we were to turn around to break above the $1800 level on a daily close, then it is very likely that we would go looking towards the $1850 level, possibly even the $1950 level. This is all about the US dollar and its negative correlation, so pay close attention to that, and expect a lot of choppiness and volatility in the short term regardless of what happens.

For a look at all of today’s economic events, check out our economic calendar.