Gold Price Forecast – Gold Markets Rally On Surprise Rate Cut

Gold markets have broken to the upside during the trading session on Tuesday, breaking above the top of the very neutral candlestick on Monday. This suggests that the market is going to go to the upside, reaching towards the $1650 level, possibly even the $1700 level after that. I have no interest whatsoever in trying to short gold, as I have stated previously. The 50 day EMA underneath continues to offer support, and therefore I think at this point it’s not until we break down below there that you need to be overly concerned about gold. Sure, there will be a lot of choppiness in this market, but there is going to be a lot of choppiness in multiple markets.

Gold Price Predictions Video 04.03.20

That being said, I do believe that the market will probably continue to see a lot of noise, and therefore it’s likely that the pullbacks will be sudden, but you should look at those as a potential buying opportunity as we are in an uptrend from the longer-term standpoint anyway. To the downside, if we were to break down below the $1550 level it probably has the market looking for the 200 day EMA underneath, but that seems to be very unlikely at this point. In fact, I suspect that it is likely that the market breaks out to a fresh, new high much quicker that it does break down but of course anything is possible so you should pay attention to that. Ultimately, gold should continue to rally.