Gold Price Forecast – Gold Markets Form Bullish Candle

Gold markets have initially pulled back during the trading session on Friday, but then turned around to show some signs of strength again as the $1825 level has offered support for the last three days in a row. Ultimately, the market is likely to continue seeing more of a “buy on the dips” type of attitude, but that does not mean that we are going to shoot straight up in the air. Quite frankly, I think that this is a recovery that is going to take a certain amount of time, and therefore it is very possible that we could go looking towards the 50 day EMA above.

Gold Price Predictions Video 14.12.20

That is an area where I think we would see a little bit of a pushback near the $1870 level, but I do think that eventually we can break through there, perhaps reaching towards the $1900 level. Breaking above there, then the market is likely to go looking towards the $1950 level. Longer-term, I believe that we will revisit the highs again, due to stimulus talks in the United States finally getting solved. I do not expect this market to suddenly explode to the upside, but I think that this is more of a bit of a choppy upward slope just waiting to happen.

The 200 day EMA offering support last week was very bullish, so I think at this point in time it looks like the pullback has been completed in what has been a very strong uptrend for some time. Ultimately, it is not until we break down below the $1770 level that I would be concerned as it was where the bottom the hammer formed.

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