Gold Price Forecast – Gold markets continue to grind

Gold markets did very little during the trading session on Wednesday, as we continue to dance around underneath the 50 day EMA. We have seen a recent selloff and then stagnation. That to me says that the market is trying to figure out where wants to go next. Looking at the chart, it’s very obvious that the $1300 level above should attract a lot of attention. However, I also recognize that there is significant support underneath at the $1280 level. With that, I suspect that we are basically stuck in a very tight range in the short term.

Gold Analysis Video 04.04.19

What I do pay more attention to is the $1280 level as it has already proven itself to be supportive, and of course the fact that the 200 day EMA is sitting just below that level isn’t something to be missed. At this point, I think it’s only a matter of time before buyers will pick up value when it appears, unless of course we get some type of major move strengthening the US dollar. Looking at the chart, I suspect that value hunters are starting to come in, but if you see the EUR/USD pair go crashing through the 1.12 handle, it would show enough US dollar strength to break down precious metals markets overall, which of course includes gold.

Ultimately, if we can break above the $1302 level, then I think we continue to go much higher and reach towards the $1325 level. At this point, I think that we are starting to see a little bit of accumulation, but the real decision will be made by what happens with the greenback.

Please let us know what you think in the comments below