Gold Forecast Today 10/04: Surges Above $3000 (Chart)

(MENAFN- Daily Forex)

• Gold has been extraordinarily bullish during the trading session on Wednesday, as the market has bounced drastically from the 50 Day EMA, and of course the crucial $3000 level.
• Gold will continue to be a market that a lot of traders will be looking for upward trajectory, due to the fact that there are a lot of concerns out there for whether or not risk appetite will continue.
• While the stock market did open up the day positive in New York, the reality is that gold was sold off due to forced liquidation.

Those forced liquidations came from hedge funds that were extraordinarily levered to various names around the world, such as Nvidia, Amazon, etc., that all got absolutely slammed, causing margin calls across the board for several large institutions. In situations like this, they will sell their biggest winners to pay for their biggest losers. By far, gold was one of the biggest winners in the financial markets as of late, and that continues to be something that I anticipate that will be the case going into the future. In other words, the selling in the gold market probably had nothing to do with gold itself.

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The trend in the gold market looks as if it is ready to continue, especially after we have seen such a massive turnaround, with massive volume. Furthermore, there's a lot of uncertainty out there so it makes a certain amount of sense that traders will be looking to protect their portfolios with safety assets such as gold. The 50 Day EMA has held as support, and that is something worth paying attention to as well. The $3000 level of course makes for a nice headline, but at the end of the day, the market is still working on trying to reach the goal of a bullish flag.

EURUSD Chart by TradingView

That bullish flag metric for a move to the $3300 level, and there's nothing on this chart that suggests that we cannot get there. This isn't to say that we get there easily, but I do think that's the longer-term target for the gold market at the moment.

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