Gold Price Forecast – Gold markets break down on Tuesday

Gold markets broke down significantly during the trading session on Tuesday as we continue to see a lot of volatility. The market is testing the $1275 level as I write this article, which also coincides quite nicely with the 200 day EMA. Because of this, there could be a lot of volatility in this area, which of course would make sense. However, this is a significant level that if broken, and could open the door to much  lower prices. At this point, the market would probably go looking towards the $1250 level, and then possibly the $1225 level. That being said, this could be a very dangerous market to be involved in.

Gold Price Forecast Video 17.04.19

Pay attention to the US dollar it will have its usual influence, and ultimately it’s likely that the gold market will probably move in the opposite direction. If we do rally from here, anticipate that the $1300 level will be very difficult to break above, but if we did it would be a very positive sign. In fact, at that point it’s very likely that we would make a fresh new high which of course could continue the rally.

That being said it’s very easy to see a potential head and shoulders on this chart, so a break down below the 200 day EMA serves two reasons to short this market, and therefore I would become very aggressive to the downside, perhaps a bit more cautious to the upside if I get that signal.

Please let us know what you think in the comments below