Gold Price Forecast – Gold Markets Find Buyers On Dips

Gold markets initially pulled back during the trading session on Wednesday but has found enough buying pressure underneath to turn the market around and form a hammer. The hammer of course is a bullish sign and it should continue to be something that people pay attention to. Furthermore, I think there is a significant amount of support near the $1700 level, an area that is a large, round, psychologically significant figure. I believe that the support extends down to the $1690 level. Ultimately, the market has recently seen a significant break out and I think that will continue to be the way going forward.

Gold Price Predictions Video 16.04.20

At this point, even below there I think there is plenty of support at the 50 day EMA, so all things being equal this is a market that I think is one that you cannot short, especially considering that there are so many concerns out there when it comes to the global economy and the Federal Reserve is throwing money at the markets, and as a result the theory is that the US dollar is going to lose some valuation. With that, the market is likely to continue to see massive amount of bullish pressure but be careful with your position size because gold does tend to move rather rapidly. To the upside, the $1800 level has offered significant resistance, to the downside, I think there are plenty of buyers just waiting to get a bit of value in the gold markets going forward.