Gold Price Forecast – Gold markets continue to look boy you

Gold continues to look very bullish, as we have broken above the $1255 level. We are towards the top of the channel, and I think at this point it’s likely that pullbacks will be bought. The 50 day EMA has started to turn upwards at this point and should continue to offer support. At this point, I do think that we will break out to the upside given enough time, especially considering that the US dollar looks a bit wobbly. Otherwise, if we were to break down below the 50 day EMA we will also have to deal with the bottom of the uptrend channel.

Gold Price Forecast Video 24.12.18

At this point, I think that gold is more likely to go to the $1400 level, and as a result I am a buyer of dips, and I do think that reaching towards that level will take significant time. This would be simple consolidation that we have seen more than once, so I think what we are looking at is a “by on the dips” type of attitude. At this point, I’d be a buyer of bounces with small positions, perhaps trying to build up my position as we go along. However, if we were to break down below the $1200 level, then I think we are probably looking at a move down to the $1000 level, which is a major long-term support level. At that point, I suspect that gold will be an extreme bullish market just waiting to happen. However, my base case scenario is still that we are going to go higher given enough time.