Gold markets initially fell during the trading session on Friday, but then turned around to form a significant amount of bullish pressure as we ended up forming a hammer. The hammer of course is sitting at the $1700 level, something that should be paid attention to. By forming this candlestick, it suggests that the market is ready to reach towards higher levels, it does not hurt that the 50 day EMA is currently reaching higher and sloping to the upside just underneath. With this in mind, you should also take a look at the overall market, which seems as if it is trying to form a symmetrical triangle. That something worth paying attention to as well because it typically means that we are about to see a big move.
Gold Price Predictions Video 04.05.20
If that is going to be the case, then I fully anticipate that we are going to go looking towards $1800 level, unless we get some type of massive breakdown. That seems to be the least likely of the two scenarios as we have been so bullish for so long. The $1800 level will attract a lot of attention, but in the end, I believe that it is only a brief stop on the way towards the $2000 level which is my longer-term target. It is going to take a while to get there but all of the concerns out there about the global economy and of course the Federal Reserve pushing liquidity, it makes quite a bit of sense that gold continues to go higher.