Gold Price Forecast – Gold Markets Pull Back

Gold markets have pulled back a bit during the trading session on Wednesday as we continue to see a lot of noise in general. With that being the case, it looks as if the $1750 level is going to continue to be an area of interest, and it is worth noting that the 50 day EMA sits just above there, offering psychological and perhaps even technical resistance. That being said, I do not necessarily think that we need to pile in on shorting gold, but it is most certainly sitting there with its back against the wall.

Gold Price Predictions Video 15.04.21

If we did break above the 50 day EMA, and close above there on a daily chart, then I might consider taking a short-term trade to the upside, as it could open up gold towards the 200 day EMA which currently sits just below the $1800 level. Breaking above there then kicks off a longer-term uptrend. With this being the case, the market then should continue to go looking towards the $1950 level, where we had seen a major sell off.

On the other hand, if we were to break down below that double bottom near $1675, the market then probably drops another $175 rather quickly, as the $1500 level is the next major support level that I see on the chart. The market of course is going to be very noisy, but at the end of the day I think what we are looking at is a downtrend that is being very stubborn about giving up, but we also have significant support underneath. In other words, it is going to be very choppy going forward, but that is typical of gold.

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