Gold Price Forecast – Gold Markets Pulled Back to Find Buyers
Gold Price Predictions Video for 05.12.22
Gold Market Technical Analysis
Gold has pulled back a bit during the trading session on Friday, only to turn around and show signs of life. At this point, if the market were to break above the top of the last couple of candlesticks, then it’s likely that we could go looking to the $1850 level, maybe even the $1900 level. We’ve recently seen a huge push higher in gold, and now that it looks like the market is going to try to continue the overall uptrend. If we can take out the highs above, I think we will see even more momentum in this market.
On the other hand, if we turned around and broke down below the bottom of the candlestick, then we could send this market down to fill the gap and perhaps even reach the 200-Day EMA. Ultimately, this is a situation where the markets continue to be very noisy, and with that being the case it’s more likely than not going to be a situation where we see a lot of back-and-forth, and I think that area should be massive support. Anything below there then opens up the possibility of the $1750 level.
Ultimately, I think this is a market that has quite a bit of momentum underneath it, and it does look like it’s trying to follow the path of silver, which has been on fire as of late. With this, I think gold eventually does go higher but we may get the occasional pullback in order to offer little bit of value. Be cautious with your position size, but also keep in mind that the market should offer plenty of opportunity so there should not be a huge rush.
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