Gold Price Forecast – Gold markets continue to find buyers

Gold markets gapped higher during the trading session on Friday, but then pulled back a bit to fill that gap partially. At this point, the market looks very likely to continue to go higher, as we are above the $1450 level. At this point, the market probably will continue to reach towards the $1500 level above. The gap underneath should continue to be support as well, the fact that we have broken above this ascending triangle does in fact suggest that we are probably going to continue to go to the upside. This doesn’t mean that we will go right away, and it doesn’t mean that it will be an easy move, but clearly the momentum is with the buyers.

Gold Analysis Video 05.08.19

The $1500 level of course will be very important for traders overall, as we can continue to see a lot of psychological importance attached to it. All things being equal though, this is a market that I think that will break above there, as the US dollar is strong, but so is anything involving mitigating risk. While the gold market is priced in US dollars, both can move higher at the same time, despite what some people think. This really comes down to why things are moving the way they are. The US dollar continues to show strength because of fear out there, so therefore I think gold also gets a bit of a boost. If you have the ability to trade gold and other currencies, that might be the best way to get involved.

Please let us know what you think in the comments below