Gold Price Forecast – Gold markets find minor support
The Gold markets found a bit of support during the trading session on Wednesday, as we broke down again but have turned around to form a bit of a hammer. This does raise a lot of questions as to what’s going to happen next, because we are clearly in a major inflection point.
Gold markets have gone back and forth during the trading session on Wednesday, drifting lower initially but then rallied a bit to form a bit of a hammer. We are currently dancing around the 200 EMA, and of course the psychologically important $1275 level. That is also an area that offered significant support previously, so the fact that we are looking at this area, it tells me that it’s only a matter time before we make a significant amount of momentum jumping back into the market.
Gold Price Forecast Video 25.04.19
To the upside, if we can break above the $1290 level, then we could try to grind to the upside. However, if we break down below the lows of the Tuesday session, then we could see this market reaching down to the $1250 level, the $1225 level, and then eventually the $1200 level. Ultimately, I think that the path of least resistance is probably to the downside, because I see a lot of noise between here and the top of that candlestick from last week that show signs of negativity. You can see that I also have the neck line drawn on the head and shoulders, as well as the sideways trend line that I have drawn right where we are right now. In general, this is a market that is trying to break down but may need a short-term bounce to pick up more sellers. Overall, I find buying gold difficult here.
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