Gold Price Forecast – Gold markets continue to grind

Gold markets have been bullish for some time now, but over the last several days we have seen more of a grind. I think this is simply the market that is trying to be okay with the idea of leaving the $1500 level behind it.
Christopher Lewis
Gold daily chart, August 15, 2019

Gold markets have gone back and forth during the trading session on Wednesday as we continue to come to terms with the idea of capturing the $1500 level. At this point, it’s very likely that short-term pullbacks will continue to attract a lot of attention as the market has been so bullish. At this point, the $1450 level underneath continues to be massive support, as it is the top of the previous ascending triangle. At this point, I’m willing to buy gold all the way down to at least the $1450 level, perhaps even the 50 day EMA underneath.

Gold Price Video 15.08.19

Looking at the chart, I do think that we go higher over the longer-term, and although the day has been a bit bullish on Wednesday, we still need to clear the $1550 level to make the next move after the violent and volatile session on Tuesday. Ultimately, I look for value in this market on those dips to take advantage of, because quite frankly this is a market that should continue to be bullish due to central banks around the world, fear of geopolitical problems, and of course a severe lack of safety out there. It feels as if the global markets are teetering at the moment, so it would make a lot of sense that Gold would attract money as people worry about preservation of capital. At this point in time I have no interest whatsoever in shorting this market, only buying it on dips.

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