Gold Price Forecast – Gold markets continue to march higher

The Gold markets rallied a bit during the trading session on Wednesday as traders came back from the New Year’s Day holiday. The market has recently broken out of an ascending and strong channel. Because of this, there should continue to be buying opportunities.
Christopher Lewis
Gold daily chart, January 03, 2019

Gold markets broke a little bit higher during the trading session on Wednesday, continuing a bullish move that we have seen form of the last several days. At this point, the market probably continues to find buyers on dips, and at this point I’m looking at the 20 day EMA getting ready to cross above the 50 day EMA, which is a bullish sign as well. Over the last several months, we have been trading between $1200 on the bottom, and $1400 level on the top.

Price of Gold Video 03.01.19

I think that short-term pullbacks offer value that you can take advantage of, and the fact that the world has entered a “risk off” situation and suggest that gold should continue to go higher. I think is going to be very choppy and difficult, but if we get pullbacks, you should take advantage of those opportunities in small bits and pieces. If you have the ability to trade CFD markets, that allows you to build up a larger position and take advantage of what is obviously an uptrend that is starting to happen.

I believe that the $1250 level is essentially going to be the “line in the sand”, and if we were to break down below there we probably have a complete turnaround. I don’t expect that to happen though, as gold had sold off so much on the longer-term charts, and I think that the bounce that we are seeing has long been needed, and obviously looks likely.

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