Gold Price Forecast – Gold Markets Pullback Toward Support

Gold markets have pulled back a bit during the trading session on Friday, reaching towards the $1700 level. Ultimately, this is a market that I think that the traders out there will continue to look at for value, as the $1700 level has caused a lot of resistance in the past. Ultimately, think that this market is one that should continue to see a lot of volatility, but that’s going to be the same thing with other markets, so it’s obvious that we should be looking at the overall trend, which is decidedly positive. In other words, there’s no need to short this market, rather you are better off waiting for some type of pullback to take advantage of.

Gold Price Predictions Video 20.04.20

I believe that there is a significant amount of support from historical perspective from $1700 down to the $1680 level. If we do break down below there, then it’s likely that the market could go down to the 50 day EMA which is closer to the $1631 level. Nonetheless, I don’t have any reason to think that it’s time to start shorting gold, quite frankly there is so much in the pipeline right now as far as the fear trade is concerned that is difficult to imagine that gold would suddenly be sold off in favor some type of massive “risk on” trade. Because of this, I like the idea of simply waiting for these pullbacks to pick up little bits and pieces along the way. I have a target of the $1800 level, followed by $2000 after that.