Gold Price Forecast – Gold Markets Rallied Again on Thursday

Gold markets rallied a bit during the trading session on Thursday, breaking above the $1750 level. That is an area that should continue to be an area that people pay attention to, but the $1800 level above looks to be a massive resistance barrier. If that is going to be the case, then it is obvious that we probably get a little bit of a pullback. Then pullback should be thought of as a potential buying opportunity and I believe that the $1700 level underneath is massive support. I would look at pullbacks as a gift and would most certainly look for an opportunity to pick up value in a market that should continue to go much higher.

Gold Price Predictions Video 24.04.20

If we can break above the $1800 level, then it is likely that the market goes towards the $2000 level, but it takes quite a bit of time to get there. Underneath, even if we were to break down below the $1700 level, I think that there is a significant amount of support near the $1660 level, as we have seen buyers jumping back in. The 50 day EMA sits just below there as well, so I think that also offers a significant amount of support. In other words, these pullbacks continue to offer plenty of buying opportunities in what is an extraordinarily bullish market. Looking at the candlesticks, last couple of days have certainly accelerated to the upside but it is not until we clear that shooting star near the $1800 level that I feel you can add to a position. Quite frankly, I more apt to take a bit of profit and then look to buy at lower levels.