Gold Price Forecast – Gold Markets Pullback Again on Wednesday

Gold markets pulled back a bit during the trading session on Wednesday, reaching towards the $1710 level, getting dangerously close to the $1700 level. This begins a significant support level for the next $20, reaching down to the $1680 level. This point, I would be looking for some type of bounce to take advantage of. After all, gold has been in an uptrend for ages, and of course there are plenty of concerns out there when it comes to the idea of the global economy.

Gold Price Predictions Video 30.04.20

The gold market also has the 50 day EMA underneath showing signs of support near the $1656 level. Because of this, it is highly likely that the market will continue to see plenty of buyers sooner or later. Gold is going to be driven by news more than anything else, as people rush towards safety in general. With that in mind I believe that the market is probably going to continue to see a lot of volatility, but the highs will be revisited again. If we can break above the $1800 level, that will open up a move towards the $2000 level over the longer term. At this point, I am not concerned about the uptrend until we break down below at least $1600, something that would take a significant selloff. Quite frankly, that could very well be a bit of forced liquidation due to margin calls in other markets, so even then it may simply be an opportunity to start buying at lower levels.