Gold Price Forecast – Gold markets got absolutely hammered during the trading session on Friday, slicing through the 50 day EMA, after breaking through the previous downtrend line. At this point time, the market is likely to continue to go lower, perhaps reaching towards the 200 day EMA.
Silver markets continue to see a lot of choppiness but overall upward momentum. At this point in time, the $28 level will more than likely cause a certain amount of resistance, as it is a large, round, psychologically significant figure, and an area where we have been selling off previously.
Gold markets have gone back and forth during the course of the trading session on Tuesday as we are struggling just below the $1950 level. If we can break above the top of the $1950 level, then the market looks likely to go looking towards the $2000 level.
The West Texas Intermediate Crude Oil market has initially rally during the trading session on Monday but has given back the gains as we got close to the $50 level. The $50 level of course is a psychological barrier, so it tends to attract a lot of attention.
Silver markets have pulled back slightly to kick off the Friday session which makes sense as we have to “retest” the previous resistance barrier.
Gold markets have gone back and forth during the trading session on Friday, as we continue to wrestle with the idea of the $1900 level.
Gold markets have pulled back just a bit during the trading session on Monday to kick off the week but found enough buying pressure underneath the turn things around and show upward proclivity later in the day.
Gold markets have gone back and forth during the trading session on Monday, as we are trying to figure out where to go next. Quite frankly, this is a market that has been a bit overdone recently, so the fact that we have pullback should not be a huge surprise.
Silver markets have had an explosive week to the upside, gaining well over $3 in what has been a massive breakout. With the Federal Reserve working feverishly to pop liquidity into the markets, it makes sense that precious metals are taking up.
Silver markets have pulled back a bit during the trading session on Friday, only to find buyers again near the $22.50 level. Quite frankly, this is a market that has gotten way ahead of itself, so I have no interest in trying to get cute and buy it up here.