Gold Price Forecast – Gold Markets Pulled Back From Major Level

Gold markets pulled back from the $1600 level, an area that has been massive resistance in the past. That being the case, the market breaking above there would be a good sign, but at this point it’s only a matter of time that we should see buyers coming back into this market. The $1550 level should be supported, just as the $1500 level will. Furthermore, the 50 day EMA is now at the $1450 level, so that is essentially your “floor” in the market.

Gold Analysis Video 04.02.20

If the market breaks above the $1600 level, and it’s very likely that it will, then it’s likely that we go looking towards the $1800 level. Looking at the previous price action, you can see that the market formed a bullish flag, and for what it’s worth, the market is likely to go looking towards $1800 given enough time. That is not only based upon the bullish flag, but also upon longer-term analysis on weekly and monthly charts.

I believe this point is very likely that value hunters will continue to come into this market, trying to take advantage of “cheap gold”, and therefore it’s likely that the dips continues to be looked at as an opportunity, and therefore I have no interest in trying to short this market. We are in an uptrend for reason, and then should continue to be the case going forward.

Please let us know what you think in the comments below