Gold Price Forecast – Gold markets consolidate yet again

Gold markets went back and forth during the trading session on Thursday, as we continue to hover around the $1550 level. This is the top of the $50 consolidation box that we have been in for some time. We are reaching towards the top of the shooting star from the Monday session, but I think at this point short-term pullbacks will offer plenty of buying opportunities that people will be looking towards. All one has to do is look at the silver market see how precious markets are going.

Gold Technical Analysis Video 30.08.19

The 50 day EMA is closer to the $1460 level and therefore I think that’s going to be the “floor” in the market. I think every time we pull back it’s a nice buying opportunity, especially on signs of a short-term bounce. Alternately, if we did break above the top of the Monday shooting star then it means that we are ready to go looking towards the $1600 level. All things being equal, the market is one that should be bought on dips, so therefore I think that’s the way you go into the precious metals markets overall. The US dollar has been relatively strong, but at the end of the day the central banks around the world are cutting rates and loosening monetary policy, so it makes sense that the Gold markets as well as the other precious metals markets will continue to find plenty of buyers.

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