Gold Price Forecast – Gold Markets Continue To Climbs

Gold markets rallied a bit during the trading session after gapping higher on Thursday. At this point, it’s obvious that gold is in an uptrend and it looks like we are going to continue seeing that be the case. The market seems to be hell-bent on getting to the $1600 level, an area that has caused a significant amount of resistance above. Break above that level should send this market much higher, perhaps reaching towards the $1800 level based upon the longer-term analysis, and the bullish flag that we are breaking out of. With that being the case, the market is one that continues to be a “buy on the dips” type of situation.

Gold Price Predictions Video 31.01.20

Furthermore, the $1550 level should offer plenty of support, right along with the 50 day EMA underneath as it continues to charge higher. Ultimately, the market looks as if pullbacks are value propositions, as we continue to see a lot of geopolitical headlines out there that could cause issues. The coronavirus of course is a major issue, so keep that in mind, as it could continue to cause problems with global trade and monetary flow.

To the downside, if we were to break down below the 50 day EMA, the market is likely to go looking towards the $1500 level underneath which is a large, round, psychologically significant figure and could coincide with a 200 day EMA crossing through there as well. All things being equal though, this is a market that I don’t see breaking down unless something really good as far as risk appetite happens suddenly. Central banks around the world continue to look very loose with monetary policy and unsure about when they will be able to tighten, and that should continue to push gold to the upside as well.

Please let us know what you think in the comments below