Gold Price Forecast – Gold markets continue to break out

Gold markets broke higher during the trading session on Tuesday, as we have cleared the $1300 level. By doing so, this shows that the gold market is ready to continue going higher, as breaking above the $1300 level took quite a bit of time. Now that we have broken above the overall consolidation between $1275 level and the $1300 level, it’s likely that we will then go towards the $1325 level.

Gold Outlook Video 30.01.19

I believe that the Federal Reserve stepping back from its hawkish stance will go a long way to help the gold market, so I believe that we are of course going to have gold reflect a falling US dollar. With the massive change in tone coming out of Jerome Powell, I think that we will continue to see the precious metals get a bit of a bid. I look at buying pullbacks as the best way to trade this market and have been doing so on short-term charts. Given enough time, I believe we go to the $1400 level, which is an area of major contention on longer-term charts.

I believe that the green 20 day EMA underneath continues offer support and would be very surprised to see this market break down below there. However, we have both moving averages on the chart, the 20 and the 50, spread out and showing bullish momentum as it looks likely to be more continuation ahead, as the greenback has been struggling against multiple currencies, even the lowly Euro which of course has a lot of poor economic figures behind it.