Gold Price Forecast – Gold Markets Continue To Grind Higher

Gold markets have rallied slightly during the trading session on Monday to kick off the week, but keep in mind that with New Year’s Day being Wednesday it’s very difficult to imagine a scenario where the market suddenly takes off although a lack of volume could come into play. At this point, gold is obviously very bullish, but a pullback may be necessary in order to pick up a bit of value. The 50 day EMA is starting to tilt higher, as we are near the $1485 level. At this point, there should be plenty of value hunters coming into play in order to pick up gold, and the next couple of days could be somewhat lackluster due to the lack of volatility, volume, and of course the fact that futures markets will even be open for a large portion of the New Year’s Day hours.

Gold Analysis Video 31.12.19

Ultimately, the market was to go above the $1520 level, then the market will more than likely go looking towards $1550 level. At this point, the market is likely to offer value on dips, and that’s probably the best way you can go about trading this market, because I do believe that longer-term plenty of central bank liquidity will continue to drive gold prices higher. That being said, it doesn’t mean that gold will go straight up in the air, nor would it be easy to hang on to the choppiness so at this point I would be very cautious about the position size that you put on between now and the end of the year, perhaps even the end of the week.

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