Gold Price Forecast – Gold Markets Gapped Lower To Kick Off The WeekThe gold market gapped lower to kick off the week on Monday, and what would have been somewhat subdued trading due to the fact that many banks around the world were close for Easter Monday.
Gold markets gapped a little bit lower to kick off the week on Monday, and then chopped around in relatively thin trading. That being said, the gold market has broken a major resistance barrier in the form of the $1700 level, which is an area that was massive resistance. I think at this point that should offer a short-term “floor” in the market and I think that’s the way we need to look at it. On the other hand, if the market was to turn around and break above the $1750 level, it’s likely that the gold market will then go looking towards the $1800 level. Longer-term, I believe that we are going to go as high as $2000, but that’s going to take some time to play itself out.
Gold Price Predictions Video 14.04.20
Central banks around the world continue to push liquidity into the markets, and that is longer-term bullish for gold. Furthermore, we have a lot of a “safety trade” crowd out there and it’s likely that they will be looking at gold as well. I think ultimately what we are going to see is a lot of noisy trading, with an upward attitude in general. It’s not until we break down below the 50 day EMA, currently at the $1612 level that I become a bit more concerned about the uptrend. I believe that gold will continue to do quite well in this environment, and we are just now seeing the beginning of a major move higher over the next several weeks, if not months as $1700 was significant.