Gold Price Forecast – Gold Markets Rally from Major FigureThe gold markets rallied a bit during the trading session on Tuesday, as the $1700 level has offered a bit of support. The market is currently in a massive symmetrical triangle, signaling that we should see a decent move soon.
Gold markets have rallied a bit during the trading session on Tuesday, reaching towards the $1700 level. Beyond that, the market even rose to the $1710 level during the US session as we continue to bounce around in a large symmetrical triangle. The biggest problem with the symmetrical triangle is it does not tell us which direction the market is most likely to break. However, using trend analysis it is easy to see that we are at a much higher level than we were just a couple of months ago, so one would assume that we are going to see continuation.
Gold Price Predictions Video 13.05.20
From a fundamental analysis standpoint, the market is likely to see demand, due to the central banks around the world continue to print currency as quickly as they can, and of course buy other assets. At this juncture, it is highly likely that the market will continue to see a lot of inflow and volatility. If we can break above the downtrend line, then the market is likely to go looking towards the $1750 level, and then possibly the $1800 level after that.
At this point in time, if we break down below the uptrend line, then the 50 day EMA is likely to be tested for support. This is a market that has been very technical in nature, so I believe that would also offer quite a bit of bullish pressure. I have no interest in shorting gold anytime soon, and as a result with everything that is going on around the world, I think that a safety play makes sense over the longer term as well.