Gold Price Forecast – Gold markets continue to hover

Gold markets have been very bullish for some time, but right now it appears that we are on the sidelines trying to take advantage of a little bit of consolidation. The $1550 level continues to be important, so pay attention to that handle. It is an area that is a large, round, psychologically significant figure, but I do also believe that it’s only a matter of time before we see money running back into Gold markets for safety though, as things have been so crazy. I believe at this point in time it’s very likely that the market participants will look at the $1500 level underneath as massive support, and could of course be an area where a lot of value hunters will jump back in.

Gold Analysis Video 02.09.19

Even if we broke down below the $1500 level, it’s very likely that we could find ourselves reaching down towards the 50 day EMA underneath, which is closer to the $1460 level. Underneath there, the top of the previous ascending triangle at the $1450 level also should attract a lot of attention, and therefore I think that breaking below that level would be the end of the uptrend. I don’t expect that to happen, especially considering that so many central banks around the world continue to loosen monetary policy. That being said, I like the idea of buying dips and holding for a larger move towards the $1600 level.

Please let us know what you think in the comments below