Gold Price Forecast – Gold Markets Have Volatile and Negative SessionGold markets initially shot higher during the trading session on Monday but gave back some of the gains as we have gotten a bit ahead of ourselves yet again.
Gold markets rallied a bit during the trading session on Monday, breaking towards the $1775 level before crumbling again. This was a major “risk on” type of rally in stock markets around the world, which of course is negative for gold. Ultimately, this is a market that is in a longer term uptrend, but obviously needs to pull back a bit in order to build up a bit of momentum. With that in mind I like the idea of buying value, but if we were to break above the top of the candlestick for the trading session on Monday, that could also be reason enough to go long. Breaking above the $1800 level should then allow the market to go to the $2000 level.
Gold Price Predictions Video 19.05.20
The 50 day EMA underneath is significant support and is rising over time. In other words, we are in an uptrend, but it looks like we have a lot of work to do. Ultimately, I do believe that this market will find plenty of buyers but in the short term we need to work off a lot of indecision. That is essentially what the market is doing at the moment, so I believe that we will continue to see volatility, as we have been almost all markets. Longer-term though, this is a market that should find plenty of interest, and as a result as stock markets and other risk appetite’s roll over again, it is highly likely the gold will find plenty of interest in this type of environment.