Gold Price Forecast – Gold markets continue to hang in place

Gold markets continued to go back and forth during the trading session on Tuesday, as we continue to drift around just above the $1500 level. That being the case, the market looks very likely to try to find support underneath.
Christopher Lewis
Gold daily chart, September 18, 2019

Gold markets went back and forth during the trading session on Tuesday, as we continue to hang about the $1500 level. This is the bottom of the overall consolidation area that we have been in, so it does make quite a bit of sense that the market would recognize that there should be supported in this area, not only based upon that but based upon the fact that the 50 day EMA is shortly underneath as well. In other words, there should be plenty of buyers in this specific region.

Gold Technical Analysis Video 18.09.19

That doesn’t necessarily mean that we are going to take off to the upside right away, but rather there is a certain amount of interest in this market as it has been so bullish as of late. Ultimately, this is a market that will react to the Federal Reserve during the trading session on Wednesday, so the movement might be a bit muted until we get that interest rate decision and the statement after 2:30 PM New York time. Between now and then, it’s very difficult to imagine that the market will move much, unless of course it has something to do with the risk appetite around the world due to something along the lines of the Middle East situation with Saudi Arabia and Iran. All things being equal, I would expect this market to be relatively quiet until that Federal Reserve announcement, and then it should pick up momentum and volatility yet again as gold is so sensitive to what the central banks do.

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