Gold Price Forecast – Gold Markets Continue to Look Very Healthy

Gold markets have rallied a bit during the trading session on Tuesday to break above the 50 day EMA. Ultimately, this is a market that is going to go looking towards the $1900 level, which is a large, round, psychologically significant figure, and a target for buyers. That is an area where we have seen a lot of selling, so I think that it is only a matter of time before we get a pullback, but that pullback will more than likely end up offering a buying opportunity.

Gold Price Predictions Video 09.12.20

To the downside, I believe that the 200 day EMA is going to be an indicator that a lot of people will pay attention to especially considering that it is sitting at the $1800 level. The $1800 level is of course a large number that people will be paying quite a bit of attention to due to the fact that it was the scene of a major breakout previously. I do like the idea of buying dips going forward and I have no interest in shorting gold. The US dollar falling will continue to help gold, and I think that it is only a matter of time before that continues.

However, I do recognize that the $1900 level will be difficult to break above, but I do think that happens given enough time. With this being the case, I am looking for value and I think that a lot of people will be as well. Gold has recently pulled back roughly 20%, and that of course will continue to attract a lot of value hunting for longer-term traders out there.

For a look at all of today’s economic events, check out our economic calendar.