Gold Forecast Today 24/04: Profit-Taking Pressure (Video)

(MENAFN- Daily Forex)

• The gold market gapped lower to kick off the trading session, continuing some selling pressure that we had seen during the attempt to break over the $3,500 level.
• At this point, I think the market has just gotten a bit overdone, so it does make a certain amount of sense that we pull back from here.
• Ultimately, I would love to see gold trade toward the $3,200 level or so, but the question now is whether or not we can actually get there.

Selling Gold on Wednesday

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The day has taken a decidedly dark turn for gold and a lot of other markets, so it suddenly looks very possible. I will be watching $3,200 for some type of bounce that I can trade into, but as things stand right now, I'm not willing to short the market, and I don't necessarily want to chase the market all the way up here when I have found over time.

It's better to go to a smaller timeframe and look for a V shape that momentum is coming back into the market because quite frankly, we could break down below the $3,200 level and test the 50 day EMA. I would love to buy gold even more so at the $3,000 level, but we'll see whether or not that actually happens.

EURUSD Chart by TradingView

Gold , I think, still remains very bullish over the longer term, but this recent weakness I think probably has scared some of the hot money out. I mean, imagine being somebody who bought at $3,500. Suddenly, you find yourself very uncomfortable. Nonetheless, the trend itself is based on geopolitics, tariff issues, a potential recession, and central banks around the world possibly cutting. So, there's a whole plethora of reasons to think that the buyers will in fact come back into the market and lift gold on this pullback. So, I remain bullish. I'm just a little cautious right now.

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