Gold Price Forecast – Gold markets continue to find support

Gold markets went back and forth during the trading session on Friday, showing signs of confusion but bullish pressure. The uptrend line underneath continues to show support, and therefore it’s likely that the buyers will step in. If we break above the top of the candle stick for the Friday session, then the market should go to the $1325 level.

Gold Price Forecast Video 01.04.19

Looking at this chart, I suspect that there is a lot of interest right around the 50 day EMA, which is pictured in red on the chart. That’s why I like the idea of buying a breakout above the range for Friday, because it recaptures the 50 day EMA in general. Underneath the crucial trend line, we also have the 200 day EMA pictured in below. In general, this will move according to the US dollar, and a lot of risk appetite in general. Overall, I think that a lot of volatility is going to continue to be the overall attitude of this market, but it’s obvious that so far we have a lot of uncertainty, so stick to short-term charts in general to take advantage of a very volatile market. If we break down below the 200 day EMA, it opens up the door to $1250, but at this point I would need to see a daily close below that trend line to start shorting. Until then, I anticipate that the buyers will return as they have so far. One thing is for sure, you should probably keep your trading position relatively small.

Please let us know what you think in the comments below