Gold Price Forecast – Gold markets break crucial $1300 level

Gold markets broke out during the trading session on Monday, as we have cleared the $1300 level. By clearing that, it’s a very bullish sign and it suggests that we are going to continue to go higher. The $1320 level above is the top of the breakdown candle that we had seen from a couple weeks ago, and that of course there is significant resistance at the $1325 level. Overall, the Gold markets tend to move back and forth between $25 increments, so it makes a lot of sense that we would target that area.

Gold Price Forecast Video 09.04.19

Before that we had formed a couple of hammers, which of course shows significant support underneath and therefore it’s likely that we will continue to break to the upside and find buyers on dips. I believe that the $1280 level underneath is massive support, just as the 200 day EMA is sitting right there as well. With all that being the case it’s likely that we will find value hunters come back into this market on short-term dips, and I have no interest in shorting until we break down below the 200 day EMA. If we did break down below there, it would change a lot and perhaps reach down towards the $1250 level. All things being equal, this market looks good and if the US dollar can continue to soften up a bit, that should help gold in general and bring in more buyers.

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