Gold Price Forecast – Gold markets break major barrier

Gold markets rally during the trading session on Wednesday, breaking through the $1500 level which of course is a psychologically important level. The fact that we have broken through that handle will attract a lot of headlines, and now the real work begins.
Christopher Lewis
Gold daily chart, August 08, 2019

Gold markets rallied a bit during the trading session on Wednesday, breaking above the $1500 level. By doing so, we have cleared a significant barrier that will have a certain amount of psychological importance attached to it. The fact that we cleared it so decisively during the session tells me that we have cleared out a lot of stops. At this point, the market is likely to continue to find buyers on dips, with the $1450 level offering massive support underneath. In fact, I consider that to be the beginning of the “floor” in the market. Ultimately, the market does look very likely to continue to go to the upside, and quite frankly they got a boost from a couple of unexpected rate cuts overnight.

Gold Price Forecast Video 08.08.19

The Gold markets will continue to go higher due to the central bank easing, and with the Royal Bank of New Zealand, India, and Thailand all cutting rates overnight, this shows just how dire the interest rate situation is around the world. With central banks around the world looking to jump into the market and cut rates, it should drive up demand for “hard money.” This has been the case for some time, but I think that things have come to a bit of a head over the last 24 hours, so I think the dips will continue to attract a lot of attention for buyers as it’s obvious that the overall attitude of Gold has changed. I have no interest in selling Gold anytime soon.

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