Gold Price Forecast – Gold markets continue to press higher

As we rolled over into a fresh new contract in the futures market, gold markets continue to rally and show signs of resiliency as the US dollar strength. At this point, gold is simply following the currency markets and more specifically what’s going on with the US dollar.
Christopher Lewis
Gold daily chart, January 31, 2019

Gold markets continue to be very bullish, although we have given back a little bit during the day on Wednesday as we await the Federal Reserve press conference, which will give traders an idea as to where the US dollar may go in the future. Keep in mind that the US dollar tends to move in the opposite direction of Gold, unless of course at some type of massive safety play and people start buying bonds. If that is, in fact, the case, then it is very likely that we will see a lot of choppiness in the market as it will also be a lot of confusion.

Gold Price Forecast Video 31.01.19

I think that the market is going to continue to go higher though, as we have been grinding so hard to the upside. We recently had some consolidation, but we shot above the vital $1300 level, an area that, of course, has a lot of psychological significance attached to it.

Ultimately, I think that pullbacks to the 20 day EMA on the chart, or perhaps even the 50 day EMA on the chart will offer plenty of value the people will be willing to take advantage of.

At this point, unless the Federal Reserve explicitly says that they are going to be raising rates or tightening, then we could see gold fall. Other than that reasoning though, I don’t see how gold doesn’t continue to attract buyers based upon value and pullbacks at this point.

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