Gold Price Forecast – Gold markets continue to hover above large number

Gold markets continue to hover above the $1500 level heading into the FOMC Statement and of course interest rate decision. Ultimately, this is a market that will continue to focus on the fear trade and of course the interest rate outlook.
Christopher Lewis
Gold daily chart, September 19, 2019

Gold markets rallied a bit going into the FOMC statement during the trading session on Wednesday, as we continued to hover above the $1500 level. The 50 day EMA is just below, so that should continue to offer a bit of support as well. Longer-term, the market looks proposed for a breakout to the upside, but obviously there are a lot of mitigating factors going forward. If we were to break down below the 50 day EMA, it’s likely that we could then go down to the $1450 level, which is the top of the ascending triangle that we had broken out of previously.

Gold Analysis Video 19.09.19

The one thing that you can probably count on in the gold market is a lot of volatility as there are a lot of moving pieces around the world right now that could move this market in multiple directions. If we were to break down below the $1450 level, it would be something to be concerned about but right now it still looks as if there are plenty of buyers to pick up gold “on the cheap.” There is also a shooting star from several days ago that being broken to the upside would be an extraordinarily bullish sign and could send this market right back to the highs.

With central banks around the world looking to cut interest rates, and of course a lot of concerns when it comes to global demand, geopolitical conflict, and of course the US/China trade tensions, there are plenty of reasons to think that gold should continue to go higher over the longer-term.

Please let us know what you think in the comments below

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