Gold Price Forecast – Gold markets continue to consolidate

Gold markets continue to go back and forth between the $1280 level underneath, and the $1300 level above. This consolidation in my estimation is probably going to be an attempt to build up the kinetic energy to break out above the $1300 level, which would signify the next leg higher in this market. With that in mind, I like buying short-term pullbacks because I do believe that eventually we will get that move. Underneath current trading, we have the 20 day EMA, and of course the top of the uptrend channel as you can see on the chart. That being the case, I think that the market will continue to try to break out to the upside but I also recognize that we probably need some type of catalyst to get going.

Gold Prices Video 15.01.19

With the Federal Reserve suddenly seeming less hawkish, it makes sense that Gold would continue to see buyers, but it also shows on the chart that the $1300 level has been extraordinarily important. It is a psychologically important figure regardless, but it is also an area that has been important more than once. Even if we do break down below the 20 day EMA, I believe the 50 day EMA, currently at the $1258 level, will offer plenty of support as well. That being the case, I’m simply looking for short-term bounces to pick up a little bit here and there, as we continue to try to build up momentum. I have no interest in selling Gold at this point.