Gold Price Forecast – Gold markets continue to chop around

Gold markets went back and forth during the trading session on Thursday, as we continue to try to determine whether or not the gold market is comfortable going past the $1500 level. Short-term pullbacks give us an opportunity to pick up value, and I believe that even if we break down below the $1500 level, there should be plenty of support underneath as well. We have the top of the previous ascending triangle at the $1450 level, which should now be massive support. Beyond that, we also have the 50 day EMA reaching towards that area that should offer a significant amount of support.

Price of Gold Video 16.08.19

To the upside, the $1450 level should offer significant resistance, so if we were to break above there it’s likely that the market could go to the $1600 level. In the meantime, I would expect short-term pullbacks to offer buying opportunities, as the market is so bullish that it’s only a matter of time before the buyers will come back in based upon value. In fact, I like buying this market based upon value propositions, and therefore have no interest in trying to fight this trend. Quite frankly, I think that gold will continue to go much higher, perhaps even the $1800 level or may be beyond that the $2000 level over the longer-term. Pay attention to bond markets, because they have ran parallel to this market as well as traders are running for safety, using gold, silver, and of course the bond market all to protect wealth.

Please let us know what you think in the comments below