Gold Price Forecast – Gold Markets Bounce From the 50 Day EMA

Gold markets have shown a bit of resiliency near the 50 day EMA during the Wednesday session, as we have formed a bit of gap just below there as well. By doing so, it suggests that the market is going to continue to go towards the $1900 level and beyond. All things being equal, this is a market that will continue to get a bit of a boost due to the stimulus efforts around the world, not the least of which would be American stimulus. At the end of the day, we have tested the 200 day EMA underneath and bounced significantly from it, suggesting that the longer-term trend is very much intact.

Gold Price Predictions Video 24.12.20

I do believe that as we have seen such a slow and steady sell off, there is still a lot of interest underneath and now that we have worked off some of the “excess froth” from the massive move higher. All things being equal, it is likely that we are going to continue to see buyers on pullbacks, as it should continue to be sent higher but by the shrinking US dollar, as well as other fiat currencies around the world. Quite frankly, I do not have any interest in shorting this market, because quite frankly I think we have much further to go over the longer term. When I see this market pullback, I look to get involved on short-term pullbacks, in small bits and pieces along the way. I do want to build a large position, but obviously you do not do that all in one shot.

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