Gold Price Forecast – Gold Markets Quiet Down

Gold markets have been relatively quiet during the trading session on Wednesday after peeking through the $1700 level on Tuesday. By given back gains the way the market has, it ended up forming the shooting star during the Tuesday session which in and of itself is a negative sign. Having said that, the market looks very likely to pull back just a bit, but I think this will offer value for those looking to find the safety of gold. Furthermore, the central banks around the world continue to loosen monetary policy, so that of course will drive up demand for gold eventually.

Gold Price Predictions Video 09.04.20

Structurally speaking, the 50 day EMA which is currently trading at the $1600 level should be supported, so I would be surprised to see this market pullback through there. If it does, then obviously it would be a very negative sign. I don’t think that happens though, and I think that any move towards that level will probably attract quite a bit of attention. The alternate scenario is to break above the top of the shooting star from the Tuesday session, leading to an explosion in gains. At that point I would be aiming for $1800, with a longer-term target of $2000 out into the future.

With the “printing” of money, it’s almost impossible to imagine the gold will go down over the longer term. This doesn’t mean that there will be the occasional problem, but in the end, I do believe that gold will be thought of as one of the safe havens during this pandemic and beyond.