Gold Price Forecast – Gold Markets Continue to be Supported

Gold markets initially pulled back a bit during the trading session on Monday but then turned around to rally towards the $1650 level. This is a bit of a magnet for price, as it is essentially “fair value” in the short term charting. The $1600 level offers massive support, and the $1700 level above is massive resistance. At this point in time, I believe that we will continue to chop around until we figure out what we’re going to do risk appetite wise, and therefore if you are a short-term trader you can play the $100 range that we currently see in this market.

Gold Price Predictions Video 31.03.20

If gold was to break down below the $1600 level, I think we could drop another $100 towards the $1500 level, or basically right around the 200 day EMA. Ultimately, if we can manage a break above the $1700 level then I believe we go looking towards the $1800 level next, followed by the $2000 level over the longer term. Ultimately, this is a market that I do think breaks out to the upside given enough time, but the question is whether or not we need to reset at lower levels, or do we eventually get the momentum to finally break that resistance barrier? Until we get some clarity with that, it’s difficult to get overly heavy in a position but short-term traders clearly are cleaning up at this point with the obvious range. Little bits and pieces of gold being traded back and forth might be the best way to deal with this market until we get some certainty.