Gold Price Forecast – Gold Markets Choppy On Tuesday

Gold markets went back and forth during the trading session on Tuesday, as Americans came back from the Martin Luther King Jr. holiday. With this, it looks as if the $1550 level is going to continue to offer a bit of support, and I do think that this market probably grind back and forth in order to “kill time” in order to try to build up enough momentum to finally go higher. Looking at this chart, even if we were to break down below the $1550 level, there is very likely going to be a significant amount of support at the $1525 level, the 50 day EMA at the $1514 level, and then of course the psychologically important $1500 level.

Gold Price Predictions Video 22.01.20

When you look at the chart, it’s obvious that we have been in an uptrend recently in the fact that we would pull back a little bit and simply grind sideways would not be a huge surprise. Because of this, I like the idea of buying dips, but I would only do so and little bits and pieces, building up a core position. Eventually, I believe that the market will go looking towards the $1600 level, perhaps as the US dollar gets hammered, or on some type of political headline, both of which are probably just as likely to happen in the environment that we have been in. Furthermore, central banks around the world continue to loosen monetary policy so that prevents gold from falling too far to begin with. I’m bullish, but I’m not willing to jump in with both feet in one shot.

Please let us know what you think in the comments below