Gold Price Forecast – Gold Markets Looking to Pull Back

Gold markets initially tried to rally during the trading session on Tuesday but pulled back from just below the $1800 level. The $1800 level is an area that I had been calling for, but at this point I think the market may be getting a little bit overextended as we gave back quite a bit of the gains. Ultimately, the question then becomes whether or not we pull back towards the $1700 level or not? If we do, I will anticipate a lot of buyers down there so I’m not necessarily looking to short the gold market, rather than I recognize that perhaps it has overextended itself in the short term. I would anticipate that a lot of short-term traders are probably taking profit, as we have had a good run over the last couple of days.

Gold Price Predictions Video 15.04.20

If we were to break down below the $1690 level, then I would be a bit concerned with the overall uptrend. The absolute “floor” in the trend in my opinion is the 50 day EMA underneath. Ultimately, I think that we will continue to see a lot of interest in that area as well. After all, there are a lot of reasons to think that perhaps the fear factor is going to continue to be an issue when it comes to the gold market, so I think given enough time we will find buyers and I do think that we not only reach towards the $1800 level but continue to go towards $2000 over the longer term.