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Gold Price Forecast – Gold markets continue to grind higher

By:
Christopher Lewis
Updated: Feb 18, 2019, 16:34 GMT+00:00

Gold markets rallied a bit during the session on Monday to continue to show strength. We have been grinding higher for some time, so this shouldn’t be much of a surprise. Looking at this chart, it’s obvious that the buyers are very determined.

Gold daily chart, February 19, 2019

Gold markets gapped a little bit higher to kick off the week, breaking above the $1325 level. We broke above there as well, and it looks very likely that the market will continue to go higher. However, there is a lot of noise just above that will cause a lot of resistance, extending all the way to the $1350 level. I believe that this will continue to cause pullbacks at this point, but there should be plenty of support underneath the continue to pick this market up on the occasional dip.

Gold Price Video 19.02.19

The Federal Reserve softening overall continues to be a major issue for the greenback, and I think that will continue to propel the Gold markets higher. Beyond that, the markets will also continue to be very driven by the fact that there are a lot of geopolitical concerns out there, so it’s not surprising to see that gold continues to be thought of as a safety haven. I believe that there is support all the way down to at the very least the $1300 level, if not down to the $1275 level. I have no interest in selling Gold, but I do recognize that the occasional pullback will occur. I think at that as value and recognize that if we can break above the $1350 level, it’s very likely that gold markets will take off towards the $1400 level.

I have no interest in shorting this market until we break down below the $1275 level if not below there. If we do break down through that level, then I think the market goes looking towards the $1225 level at the very least.

Please let us know what you think in the comments below

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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