Gold Price Forecast – Gold Markets Gap to Kickoff Week

Gold markets gapped to the upside to kick off the week, breaking above the $1700 level before pulling back to that level to find support again. Ultimately, the market is a very neutral candlestick, and that of course is a good sign that it is trying to build up the momentum to go to the upside. The 50 day EMA sits underneath and a hammer from the Friday session that shows signs of support in and of itself. Ultimately, this is a market that has plenty of support underneath, so therefore I think it is only a matter of time before we rally from here.

Gold Price Predictions Video 05.05.20

Ultimately, if the market breaks down below the 50 day EMA, then it could go looking towards the $1650 level. If we break down below there, the market probably goes down to the $1600 level as well. All things being equal, I do think that gold rallies due to the significant amount of negative headlines out there that could come into play, so therefore you should pay attention to the risk appetite in general. As risk appetite wanes, we will see gold markets pick up a bit of momentum. To the upside I believe that the $1800 level will be the target longer-term, but obviously we have a lot of work to do to determine whether or not we can continue to go higher. Looking at this chart, it is simply a matter of finding value.