Gold Price Forecast – Gold Markets Plummet In Risk Appetite Move

Gold markets broke down significantly during the trading session on Tuesday, reaching down towards the $1555 level, but there is a significant amount of support at the $1550 level as well, as a result it’s likely that the market will eventually find some type of buying pressure, but right now you don’t need to be a hero and jump in immediately. The 50 day EMA underneath is starting to slope higher, and it’s likely that it should offer support. At this point, a bounce makes quite a bit of sense, but I’m going to wait until somebody else gets involved before trying to catch what has been a massive selloff.

Gold Price Predictions Video 05.02.20

The $1600 level above is a target that the market is looking for, as it is major resistance, as we have pulled back a couple of times. If we can finally close above there is on a daily close, that would be a sign that the market is ready to continue much higher. Ultimately, pullbacks are value opportunities, as gold is most certainly in a very strong move longer term. In fact, I see significant support all the way down to the $1500 level underneath, which is a large, round, psychologically significant figure and of course an area that will attract a lot of attention due to that. The market had recently seen a breakout from that level, so there should be plenty of order flow there to begin with anyway. I have no interest in shorting gold, with central banks around the world continuing to loosen monetary policy.

Please let us know what you think in the comments below