Gold Price Forecast – Gold markets do-nothing on Friday

Gold markets fell rather hard on Thursday and then during the day on Friday just sat there. The question is whether or not the support can hold that I see based upon candlesticks from last week? I think there is plenty of support all the way down to at least the $1280 level, so I’m not necessarily looking to sell this market, but I do recognize that the highs have continued to be lower as of late. If that’s going to be the case, then it’s very likely that we will continue to see trouble overall.

Gold Analysis Video 15.04.19

Looking at this chart, the 200 day EMA is reaching towards the $1280 level, so I think that will add yet another layer of support. While this sounds like a very bullish scenario, I think the reality is that we are trying to grind our way lower to take that level on. It is because of this that I am short-term negative, and longer-term simply holding to see what happens at that level. This is quite a change from my recent attitude which had been very bullish. The move earlier this week was very strong and quite frankly I did quite well in the futures market. However, we have completely wiped out the bullish pressure from the first three days of the week, so this of course is a very negative sign. I am a seller of rallies until we make a fresh new high, and most certainly would become aggressively short underneath the 200 day EMA.

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