Gold Price Forecast – Gold markets continue to build momentum

Gold markets continue to grind back and forth during the day on Monday, as we are sitting just above the $1500 level. That’s an area that is a large come around, psychologically significant figure, and it of course will attract a lot of attention.
Christopher Lewis
Gold daily chart, August 13, 2019

Gold markets as you can see are continuing to hang above the $1500 level, and at this point it’s likely that we will continue to see a lot of interest in that area. I think that buyers on short-term pullbacks give us an opportunity to take advantage of what has been an obvious trend. With central banks around the world easing monetary policy we should continue to see Gold pick up and go to the upside. Ultimately, every time this market pulls back I think buyers will come back and pick this market higher.

Gold Analysis Video 13.08.19

The $1500 level of course was a major milestone to overcome, but I think that even if we do pull back, I think there’s plenty of support underneath at the $1450 level. That’s an area that was previous resistance, and it should now offer significant support. At this point, I think that we are more than likely going to see plenty of interest in this market at not only the round figure but also the top of the previous descending triangle. The 50 day EMA is also turning higher, so that of course helps the situation as well. I believe that at this point we are probably going to continue to find plenty of buyers based upon that as well. Overall, I have no interest in trying to get cute with this market and I think that looking for value is the only way to play it. Gold has much higher to go, despite the fact that we may get the occasional pullback.

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