Gold Price Forecast – Gold markets looking for support

Gold markets pulled back a bit from the 200 day EMA, pictured in blue on the chart. It’s also just below the neck line of the previous head and shoulders pattern, so the question now is whether or not we have just seen a retest of that area for resistance and a confirmation, or are we entering a very tight range? I can say this because the $1275 level also shows significant horizontal interest by trading participants.

Gold Price Video 30.04.19

Just like in the silver market, it’s very likely we will need to see some type of impulsive break out and a daily close outside of the range to put serious credence into a trade. The silver market looks as if it is trying to turn around, so that might be the leader. Typically, the silver and the gold market will move in the same direction but one of them will almost always lead the other. Currently, it looks as if silver has the likelihood of being the leader, so keep that in mind. If you are a gold trader then you should pay attention to silver and watch my video on silver to get an idea as to what could lead as a bit of a “heads up” in the next gold trade. If we break down below the hammer that sits right at the $1275 level, then I think we could unwind to $1250, perhaps $1225. On the other side of this equation, if we can break above the 50 day EMA, which is pictured in red on a daily close, then we could go towards $1325.

Please let us know what you think in the comments below