Gold Price Forecast – Gold Markets Continue To Find Buyers Underneath

Gold markets have gone back and forth during the trading session on Wednesday, as we hang around the $1565 level. Nonetheless though, there is a lot of support all the way down to the $1550 level, and of course the markets will continue to pay attention to the FOMC statement and of course the overall interest rate outlook for central banks around the world. Central banks around the world have been rather loose with monetary policy, so that something that you should pay attention to. I believe this will continue to be the way going forward and of course there are a ton of potential issues out there when it comes to the coronavirus and global growth in general. All things being equal, gold should continue to be one of the better performing assets.

Gold Price Forecast Video 30.01.20

The 50 day EMA underneath will be massive support, and of course the $1525 level will be as well. All things being equal, I have no interest in shorting this market, so I think that it’s only a matter of time before buyers get involved. However, if we were to break down below the $1500 level, that would be a very negative turn of events. That being said, it’s very unlikely that things turn towards that direction, so look to by gold on dips as it should be thought of as offering a bit of value. In fact, it’s very likely the gold goes looking towards the $1600 level again, and then possibly as high as the $1800 level longer-term. Look for bounces on short-term charts to go forward.

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