Gold Price Forecast – Gold Markets to Test Support Level

Gold markets initially tried to rally during the trading session on Tuesday but then gave them the gains to fall towards the $1700 level. From there, the market has turned around to show signs of life again as we have formed a bit of a hammer like candle, or perhaps even something that looks a little bit more neutral, although it does have a red body. At this point, I think there are plenty of buyers underneath at the $1680 level, and therefore I am more than willing to get involved on a dip. If we were to break down below the $1680 level, then I think we will have to try and figure out whether or not we are going to react to the 50 day EMA.

Gold Price Predictions Video 29.04.20

I do believe that eventually we reach the highs again, because quite frankly there are so many issues out there just waiting to happen. The markets will continue to struggle with the idea of whether or not we are living in a post-apocalyptic world, or if we go back to normal behaviors. At this point, I anticipate that what we are going to see is a lot of back and forth, but ultimately there will be buyers underneath to take advantage of what should be thought of as value. You can make an argument for an ascending triangle trying to be formed as well, so that shows a little bit of indecision. Longer-term though, I do believe that the buyers will continue the longer-term uptrend that we have been in for some time.