Gold Price Forecast – Gold Markets Fail at 200 Day EMA Again

Gold markets initially tried to rally during the trading session on Thursday but failed and the 200 day EMA. As a result, the market has broken down rather drastically to slice through the 50 day EMA underneath. At this point, it looks like we are going to threaten the $1750 level. At this point, if we break down below there then I think we probably go looking towards the double bottom underneath. This is a market that has been trying to form a bit of a bottoming pattern, but at this point in time is very likely that the market will continue to see a lot of support in that area.

Gold Price Predictions Video 30.04.21

If we were to break down below the double bottom, that will open up the trapdoor’s when it comes to the gold market, and it is likely that we would drop much lower. At this point, it is very likely that we would see a run towards the $1500 level, as it is the next major round figure that people will be paying close attention to.

On the other hand, if we were to turn around a break above the $1800 level, it could open up a move to much higher levels and could kick off a major bull run. I do not necessarily think that is going to happen, at least not without the US dollar falling and perhaps more importantly yields getting crushed. It is worth noting that the volatility in this market is starting to pick up, so we could get a fairly big move, but we need to be patient to see which direction we break in the short term in order to start putting money to work. If we close below the $1750 level, I will most likely be short.

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