Gold Price Forecast – Gold Markets Pullback Towards Trendline

Gold markets pulled back a bit during the trading session on Thursday, reaching towards the uptrend line that defines the triangle that I have marked on the chart. Furthermore, the 50 day EMA underneath continues offer support. At this point in time, the market looks as if the market offers value when it dips, but overall, it is more than likely only a matter of time before we go looking towards the $2000 level. The $2000 level is an area that has offered resistance before, so it is not a huge surprise that the market continues to struggle to get above there. If the US dollar continues to weaken longer-term, that could be a good for gold. Furthermore, gold could rally based upon a “risk off rally” as well.

Gold Price Predictions Video 18.09.20

The 50 day EMA being broken to the downside could open up the move down towards the $1900 level, which of course is a large, round, psychologically significant figure that people will pay attention to. If we break down below there, then the market is likely to go looking towards the $1800 level next, which is significant structural support based upon the previous action there.

Furthermore, the 200 day EMA would more than likely come into play at that general vicinity as well, so it is likely that we would see quite a bit of technical support and value hunting. I am bullish gold for longer-term trading, but right now we have a bit of work to do.

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