Gold Price Forecast – Gold markets find support after initially fallingGold markets fell pretty hard during the trading session on Monday to kick off the week but found support at a familiar region just below it to turn around and form a hammer.
Gold markets fell rather hard during the trading session on Monday to kick off the week, which of course continue the very bearish action that we have seen recently. We have made lower highs as of late, but the fact that the gold market held on at the $1285 level suggests that the buyers are quite ready to give up. That being said, this is still a relatively bearish looking insured.
Gold Price Video 16.04.19
If we were to break down below the bottom of the candle stick for the Monday session, then of course is a very negative sign that should send this market down to the $1280 level, and then eventually the $1275 level. On the other side of the equation, if we break above the $1300 level that could be very bullish, perhaps reaching towards the $1310 level, which would be the next high. If we break that then the market will have proved it’s resiliency and the buyers will start to take over yet again. In general, Gold it tends to move opposite of the US dollar, so if the US dollar strengthens that could put pressure on this market as well. Obviously, the exact opposite is true as well, so if we were to break down in the greenback, that could send the gold market higher.
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At this point it’s probably a fair bet to assume that we are likely to see a lot of volatility and choppiness, so at this point it’s likely that you’re going to have to be very careful about position size, and of course placing stop losses.
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