Gold Price Forecast – Gold Markets Break TrendlineGold markets broke a little bit higher during the trading session on Monday, as we continue to see a lot of bullish pressure overall. I do suspect that there is probably a significant amount of resistance at the $1500 level as it is a large, round, psychologically significant figure.
Gold markets rallied significantly during the trading session on Monday, as we continue to see the risk appetite of markets go back and forth. At this point, the market looks very likely to continue to go higher and reaching towards the $1500 level, which I think sets up a huge battle. Break above that level allows this market to go much higher. Pullbacks at this point could lead to a complete turnaround, especially if we can break down below the 50 day EMA on a daily close. If that happens, then we probably go back towards the $1450 level underneath.
Gold Price Video 24.12.19
That being said, we have broken above the downtrend channel which has been so important, so it’s very likely the gold will continue to go higher. Again though, the real question is going to be the $1500 level and if we can break above there it’s likely that we will get quite a bit of follow-through. At this point, the market probably goes looking towards the $1520 level, and then eventually the $1550 level. All things being equal, that would probably kick off the next major bullish move and would probably have a lot of money come flying into the marketplace. Ultimately, this is a market that will move upon US/China trade talks of course, and also overall global growth which seems to be waffling at best. Ultimately, if the market was to turn around a break down below the $1450 level, that would be very negative for this market, but it seems very unlikely after the trading action of the last couple of days.
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