Gold Price Forecast – Gold Markets Finding a BaseThe gold markets initially pulled back during the trading session on Friday, reaching down towards the $1450 level before bouncing a bit. At this point, it is worth noting that we have broken above the 200 day EMA but I think there is a lot of volatility ahead.
Gold markets have rallied a bit during the trading session on Friday, breaking above the $1500 level before pulling back again. At this point, the 200 day EMA is being tested, and I think that given enough time we will probably find buyers. The $1450 level underneath is massive support, as we have seen multiple times. Because of this, if the market breaks down below that level it’s likely that gold will plunge towards the $1400 level over time. Ultimately though, I do like gold and I don’t have any interest in shorting it and at this point it’s likely that the value hunters will take over in general.
Gold Price Predictions Video 23.03.20
All things being equal though, I think that this is going to be very noisy situation and I don’t necessarily believe that it is going to be easy to hang onto the volatility for those who do not have the stomach for it. That being said though, I think that given enough time we are going to start to see the gold market rally due to the loads of troubles out there, and that of course will favor gold from a safety aspect.
All things being equal though, keep in mind that the US dollar is going to be highly influential as to where we go as well. I do think that it will continue to cause a lot of choppiness and difficulty in this market, but I do believe that longer-term it is likely that the market finds itself testing the highs again.