Gold Price Forecast – Gold Markets All Over The PlaceGold markets were all over the place during the trading session on Wednesday, as we are awaiting the FOMC Statement. Ultimately, this is a market that has been consolidating for some time and could take off based upon the announcement.
Gold markets initially were all over the place during the trading session on Wednesday as we continue to dance around the 50 day EMA. The $1500 level of course offers a bit of resistance, but you can see that on the chart there are a couple of trendlines that are competing for attention. Longer-term, the market has been bullish, and this pullback has been gentle. It is because of this that I think will probably continue to go higher. Having said that though, the FOMC Statement could throw a monkey wrench into the situation, but at this point time it seems very unlikely as a Federal Reserve has been trained not to upset the markets. Perhaps if we can get a daily close above the downtrend line should continue to send this market to the upside, initially the $1520 level, possibly even the $1540 level. If we do break out from here, I anticipate that the $1450 level should be massive support.
Gold Price Forecast Video 31.10.19
The 50 day EMA is somewhat flat, but has been rising over the longer term, and at this point it looks likely that we will continue to grind higher given enough time. Ultimately, this is a market that looks ready to find a new catalyst to make the next move. Ultimately, this is a market that could be setting up for the next major trade, and it now looks likely that the bullish flag that has been forming could kick off to the upside and that could send this market as high as the $1800 level.
Please let us know what you think in the comments below