Gold Price Forecast – Gold markets quietly bearish

Gold markets initially tried to rally during the trading session on Monday as Asian traders started the week but can see that we gave back quite a bit of the gains by the time the European and the American traders came on. The market currently has a lot of support underneath it, at the psychologically important $1275 level, and of course the 200 day EMA which is slicing right through the last couple of candles. If we can break down below the $1275 level, or perhaps the bottom of the candle stick from Friday, it looks as if Gold is ready to roll over quite significantly.

Gold Price Video 23.04.19

The targets would include the $1250 level, the $1225 level, and then eventually the $1200 level. Looking at this chart, you can see that there is horizontal support at this level, but there’s also an uptrend line that has been broken that could kick off what is seen as a head and shoulders pattern. In other words, the top of the candle stick from Tuesday of last week should also be massive resistance as well. At this point I have no interest in buying gold, and I think at this junction all it would take is significant US dollar strength to roll the market over completely. Pay attention to the bond markets, and of course the greenback itself. It both start to gain in strength, that’s probably going to be bad for this market. As far as buying is concerned, I would have to see a lot of momentum to the upside to start to think about that.

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