Gold Price Forecast – Gold Markets Continue to Find Buyers Underneath

Gold markets had a relatively negative candlestick formed during the trading session on Wednesday, as we sliced through the $1700 level again. This is an area that has been important more than once, so it is not a huge surprise to see that the market is starting to grind back and forth around this area. More importantly, the market looks likely that we are forming a bit of a symmetrical triangle, which does in fact suggest that we are going to have a rather important move sooner or later. With the jobs number coming out on Friday, it does make quite a bit of sense that we are going to see an explosive move.

Gold Price Predictions Video 07.05.20

That being said, I do favor the upside so I am hoping that we can get a move above the highs of the last couple of days. Between now and the jobs report on Friday, it is probably a bit difficult to imagine that gold markets will suddenly take off in one direction or the other, but it is worth paying attention to the fact that the 50 day EMA underneath should offer support. If we break down below there, then it is likely that the $1650 level, and then possibly even the $1600 level. I am simply looking for an opportunity to go long when it comes to gold, so patients will be needed but it certainly looks as if we are getting close to that move as price cannot compress forever.