Gold Price Forecast – Gold Markets Continue to Consolidate

Gold markets fell during the trading session on Friday, reaching down towards the $1615 level, with significant support all the way down to the $1600 level. Ultimately, it’s very likely that the market will continue to see buyers underneath and a continuation of the overall consolidation. That being said, if we were to break down below the $1600 level then it’s probably better to simply stand on the sidelines and try to buy gold the closer to the 200 day EMA, letting it fall another $100.

Gold Price Predictions Video 30.03.20

To the upside, the $1700 level has been a very difficult ceiling to break above and I don’t necessarily think that we are getting ready to break above there in the short term. Longer-term, I do think that happens but it’s going to take a significant amount of push to get through there. Once we do, then it’s very likely that we go looking towards the $1800 level, perhaps even the $2000 level over the longer term. I like the idea of buying gold on short-term pullbacks, but I also want to add to a position slowly, I don’t want to jump in with both feet because there are several different things push in the markets around right now. Longer-term though, gold has a bright future due to the fact that central banks around the world are continuing to flood the market with money. Gold of course is going to be noisy but then again so are all markets right now. With that in mind, I believe that the markets continue to find reasons to buy gold.