Gold Price Forecast – Gold Markets Pullback from Top of Range

Gold markets initially tried to rally during the trading session on Friday but gave back the gains as we had gotten a bit over our skis but given enough time, I think that the $1700 level is where we will have plenty of buyers looking to get involved again. Furthermore, I believe that the bottom of the Tuesday session, will offer a significant amount of support as well and probably attract a lot of attention.

Gold Price Predictions Video 27.04.20

Looking at the candlestick for the day, it does suggest that there are plenty of questions about the market and of course demand for gold. Ultimately, gold is being pushed to the upside due to a safety trade concern, but ultimately there is the also the concerns about central banks around the world flooding the markets with money. Because of this, it is obvious that the gold market has plenty of fundamental reason to continue to go to the upside, and really, it is not until we break down below the 50 day EMA that I would consider shorting.

Ultimately, this is a market that will continue to be very noisy, but clearly this is a market that you cannot be shorting anytime soon. I continue to add to a larger core position and little bits and pieces, because longer-term this is a market that should continue to go looking towards the $1800 level, and then possibly even the $2000 level over the long term. Do not get me wrong, we are going to get there anytime soon but that is my target by the end of the year.