Gold Price Forecast – April 8, 2021

Gold Technical Analysis and Near-Term Outlook

Gold settled above $1756 and confirmed the $1676 double bottom. The move up is now poised to reach at least $1770 and likely $1788 during the next few days. The $1788 target is most confluent and could prove to be a stalling point. However, settling above $1788 will clear the way for $1807 and possibly a push toward the double bottom’s $1837 target.

There are no bearish patterns or signals that call for the move up to stall. However, the rise from $1677.3 lacks a clear wave structure, so a test of support might take place soon. For now, $1742 is expected to hold and $1728 is key for the near term. Settling below $1728 will call for a test of $1709. Closing below $1709 would imply that the move up is complete and shift longer-term odds back in favor of a continued decline.

Gold - $10 Kase Bar Chart
Gold – $10 Kase Bar Chart

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 ratio, 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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