Gold Price Forecast – April 30, 2020

The June gold contract stalled just below the $1741 target discussed in yesterday’s update before falling and taking out the $1704.1 swing low. The move down held key support at $1688. However, this is the smaller than (0.618) target of the primary wave down from $1788.8. Therefore, meeting $1688 implies that a larger downward correction will take place before prices rise to a new high. The next major objective is the $1641 equal to (1.00) target with interposed objectives at $1677 and $1654.

Gold – $10 Kase Bar Chart

The $1688 target is a potential temporary stalling point. Should a test of resistance take place early tomorrow look for $1717 to hold. Key resistance and the barrier for a resumed near-term bullish outlook is $1735. Settling above $1735 would call for prices to rise above the $1737 swing high, negating the wave down from $1764.2 that makes the connection to $1641 through $1677 and $1654.

This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ration, and gold ETFs. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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