Gold Price Forecast – Gold Markets Gap To Kick Off The Week

Gold markets gapped higher to kick off the week on Monday, as the market had hit the 50 day EMA during the Friday session. At this point, the market went back and forth to show a lot of confusion, and at this point in time it does look like there is a little bit of a bit here. The Federal Reserve is being pegged into a corner right now to cut rates at least twice, if not three times. That should of course offer a significant amount of bullish pressure for gold, reaching towards the $1650 level.

Gold Price Predictions Video 03.03.20

The market breaking down below the massive candlestick during the trading session on Friday would be rather negative, reaching down to the $1550 level. Breaking down below their opens up the door to the $1500 level, where the 200 day EMA currently resides. With that being the case, I believe that a lot of value hunters will come back into the marketplace to take a bit of value hunting into account. Otherwise, I think we just simply continue the overall uptrend and that is my base case. To the upside I see the $1700 level as a target but it is going to be very noisy on the way out, so expect to see a lot of choppiness and you should look at gold from the standpoint of a longer-term trader, and as more of an investment than any type of short-term trading opportunity. With this much fear is there is out there right now, it makes perfect sense to see gold rally.