Gold Forecast 04/09: Continues To Rally (Chart)

(MENAFN- Daily Forex)

• Gold has been positive during the Wednesday trading session again, as we continue to see plenty of bullish pressure.
• Ultimately, this is a market that looks very lively, and as it has just recently broken out of a significant consolidation range, one would also assume that momentum should continue to be in its favor.
• However, we also have to keep in mind that this week features Non-Foreign Payroll on Friday, which will cause a lot of chaos in the marketplace as traders try to adjust expectations.

Technical Analysis

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

The technical analysis for this market is obviously very bullish, as we had been in a major ascending triangle, and therefore breaking out of it assumes that we see more buying pressure. At this point, the so-called“measured move” would be for gold to go looking to the $3800 level. This is based on a“$300 triangle”, and therefore if we do in fact see some type of continuation of the momentum, I think we get there rather quickly. Keep in mind that Friday has the noise of the jobs number coming out of the United States, and therefore one would anticipate that the gold market will be all over the place as traders panic in one direction or the next, mainly driven by algorithms.

EURUSD Chart by TradingView

On short-term pullbacks, the $3500 level should be of importance, and therefore I think you have to look at it as a potential floor. The 50 Day EMA sits near the $3400 level, and I think that probably ends up being something that people will have to pay attention to for potential support as well. Anything below there I think starts to get rather ugly.

Nonetheless, we are overbought at this point, as we have had about 9 candlesticks in a row that ended up green. I think a pullback is healthy, and I think a pullback is coming. Nonetheless, I have no interest in shorting this market, I'll be looking at any pullback as a potential buying opportunity.

Ready to trade our Gold daily analysis and predictions ? We've made a list of the best Gold trading platforms worth trading with.

MENAFN04092025000131011023ID1110018834