Gold Price Forecast – Gold Markets Find Buyers

Gold markets initially fell during the trading session on Tuesday but as you can see have turned around to form a massive hammer. By doing so, it looks as if we do in fact have enough momentum underneath to continue the overall uptrend. It is possible that the market continues to find buyers underneath, and it is also very likely that there had been a bit of liquidation in this market due to the fact that there may have been a lot of margin calls out there. If that’s the case, then the demand for gold will pick back up, and it’s likely that we should go looking towards the highs again. That doesn’t mean that we get there right away, but I do think that overall, that will be the attitude.

Gold Price Predictions Video 22.04.20

Looking at the overall attitude, I believe that there is plenty of support down near the $1650 level, and of course the 50 day EMA which sits just below there. I don’t think we get back down there, and if we can break above the highs of the trading session on Tuesday, it opens up a move to the $1740 area, possibly even as high as the recent highs. I believe that the $1800 level will be crucial, so we can break above there, then the market is likely to go looking towards the $2000 level over the longer term. At this point, I don’t necessarily have a level at which I’m looking to sell, but if we broke down below the 50 day EMA it would catch my attention and perhaps have me rethinking the whole thing.