Gold Price Forecast – Gold markets continue to hang above barrier

Gold markets broke out above the $1250 level, and a sign of strength at the end of last week. At this point, I think a pullback gives us an opportunity to go long in a market that has been consolidating for a while, and now that we have made this move it suggests that the Gold markets will go higher, perhaps reaching towards the $1400 level above. Overall, I think that it will take quite a while to get there but it would be a simple grind higher more than anything else in my estimation. With the Federal Reserve looking to be a little bit softer in its tone, I think that will continue to give a little bit of support to Gold.

Gold Price Video 11.12.18

In general, I think that pullbacks will be buying opportunities, unless of course we were to break down below the 50 day EMA. If we did, then that would obviously be a very negative sign. That being said, the action over the last couple of days has shown Gold to be very bullish, and I think at this point we will continue to see reasons were to go higher.

If the US dollar does in fact soften over time, then it’s possible Gold will rally. Gold also could get a bit of a bid due to global fear, as it could be a bit of a safety trade in the short term. Overall, I think gold is going to be rather strong over the next several weeks.