Gold Price Forecast – Gold Markets Continue Bullish Momentum

Gold markets broke higher during the trading session on Thursday, slicing through the downtrend line. At this point, the market looks likely to continue to go higher, and with the jobs never coming out on Friday, it could be an argument for even stronger bullish pressure. If we can break above the $1525 level, then the market is likely to go much higher. I like buying pullbacks in the short-term, as the $1500 level should be significant support that extends down to the 50 day EMA as well.

Gold Price Predictions Video 01.11.19

Underneath, there is also an uptrend line that offers support and should continue to define the trend overall. We had pulled back slightly over the last couple of months, and at this point look likely to continue to go much higher. Ultimately, this is a market that has been in an uptrend but the pullback was probably needed to digest the gains that the market had seen happen so rapidly. Ultimately, the market should go much higher, perhaps reaching as high as the $1800 level based upon the bullish flag that seems to be getting kicked off right now. That being said, expect the occasional pullback but those occasional pullbacks should be buying opportunities.

I suspect that the market will offer plenty of opportunities for value hunters to jump into this marketplace. I have no interest in shorting gold but I do recognize that the Friday session could be very noisy due to the jobs figure. That should be temporary, as it looks like we have built up a nice base for the next leg higher.

Please let us know what you think in the comments below