Gold Price Forecast – Gold Markets Finding Support at Familiar EMA

Gold markets rallied a bit during the trading session on Wednesday only to turn right back around and pulled back towards the $1830 level. The 200 day EMA sits underneath to make sure that the market is staying somewhat levitated, but I also recognize that the recent consolidation has been very tight and suggest that we could be trying to form some type of basing pattern. Having said that, the 200 day EMA is not the be-all and end-all of support. You also have the $1800 level underneath and of course the $1750 level.

Gold Price Predictions Video 04.02.21

The 50 day EMA above continues offer resistance, and I think if we can break above there, then it is likely that the market goes looking towards the $1900 level, possibly even the $1960 level. In general, I think that the gold markets probably have further to go to the upside longer term, but there is obviously going to be very noisy in general, so do not jump into this market with a huge position, because there will be a lot of noise between now and then.

Ultimately, this is a market that will eventually try to find its way higher based upon the fact that central banks around the world are flooding the markets with liquidity, but at this point I think we are simply going to see more noise than anything else. I believe that holding gold for a longer-term move makes the most sense, and I certainly would not be a seller at this point in time. If we break down below the $1750 level, then we could break down rather significantly, but it does not seem very likely that will happen anytime soon.

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