Gold Price Forecast – Gold Markets Bounce From Support

Gold markets have bounced from the uptrend line of the large symmetrical triangle during the trading session on Thursday, as we await the jobs figure on Friday which will almost certainly be horrific. That being said, the market is in an uptrend longer-term, and the 50 day EMA underneath should continue to offer quite a bit of support. If we can break above the downtrend line, obsessively the $1725 level, the market is likely to see a continuation in a move towards the $1750 level, perhaps even as high as the $1790 level in the short term.

Gold Price Predictions Video 08.05.20

Ultimately, I can make a huge argument for gold going higher over the longer term, but as you can see, we have been compressing. That is a good thing, because it is essentially the market digesting the massive gains that we had seen. Gold tends to do this, so do not be surprised to see this market take off to the upside rather soon. With that in mind, I like buying right here, right now. I recognize that the 50 day EMA underneath is massive support, so if we were to break down below it, that would in fact be an extremely negative sign. That being said, I would not be a seller there either, as I would look for some type of bounce from even lower levels to pick up plenty of value. Remember, we recently had seen gold sold off rather drastically due to traders having to liquidate winners to pay for the massive amounts of losers that they had seen in the stock market. I look at that as a potential gift if it happens.