Gold Forecast 04/09: Drops To Find Buyers (Video)

(MENAFN- Daily Forex)

• Gold fell pretty significantly to kick off the trading session here on Thursday but has turned around show signs of life.
• I find this interesting because when you see an explosive breakout like we have had in the gold market over the last 10 sessions or so, there are a couple of different things that can happen.
• You can get a significant pullback and value hunting at lower levels, or you can go sideways for a bit and work off some of the excess froth.

The first candlestick of negativity suggests we may go sideways. We may not get the pullback either way. I would caution you of the fact that the Friday session is non-farm payroll announcement and with those jobs numbers a lot of volatility will come.

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So, I'm hoping to get a knee jerk reaction lower so I can get involved in the gold market again, as I have already taken profit. The market of course will continue to be very noisy. But I think overall, it's already shown what it's going to do. It's going to continue to attract buyers. There's no real reason to think that it's suddenly going to change attitude.

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The non-farm payroll announcement if there is a knee jerk reaction lower, I think invites value hunters to come back in based on the measured move of the ascending triangle. The expected target is $3,800. And as quickly as we got to $3,600. I don't think that's a stretch of the imagination at all. If we somehow fall to break down below $3,500, then you talk about the 50-day EMA offer and support, but that would take a pretty significant shift in the overall attitude of this market. All things being equal, I remain bullish of gold and will continue to be so.

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