Gold Weekly Price Forecast – Gold Markets for Negative Candlestick

From the beginning of the week, the gold market try to rally towards the $1800 level before giving back quite a bit of the gains. By forming a massive shooting star, this shows that we could get a bit of negativity in the short term, but I still think that we are very much in an uptrend. Underneath, if we can break down below the $1680 level, then we could go as low as the $1600 level which I think is the next major support level. Gold could pull back in the short term, but quite frankly I don’t see any argument for gold to fall over the longer term.

Gold Price Predictions Video 20.04.20

The 50 week EMA has offered dynamic support a couple of times, which currently sits at the $1500 level. Ultimately, this is a market that should find plenty of interest over the longer term so I do think that given enough time we will find value hunters that will continue to reach towards the $2000 level. This is a strong uptrend due to a lot of fear and the world economy right now, and of course several fiat currencies get an absolutely hammered. If that’s going to remain the case, then I think this is a market that you can only be long of instead of trying to play this market back and forth. The volatility has picked up, and generally that means that gold is going to continue to find plenty of buyers in an attempt to stay out of a lot of risk appetites.