Gold Price Forecast – Gold markets continue to press major resistance above

Gold markets continue to show a lot of choppiness at this point, and I think it’s only a matter of time before the market tries to get to the upside based upon the Federal Reserve cutting interest rates and of course it looks likely that the movement going forward will be even looser monetary policy.
Christopher Lewis
Gold daily chart, August 01, 2019

Gold markets should continue to go higher but keep an eye on the $1450 level above as it should be significant resistance. If we can break above that level, then the market could go to the $1500 level after that. At this point, I think that the market will try to get there, where we would see even more resistance. At this point, if we can break above there then I think the $1600 will be targeted next.

Gold Prices Video 01.08.19

To the downside, I see the $1425 level as a huge “floor” in the market, and any pull back toward that level will more than likely be attacked by the bullish. The 50 day EMA is sloping higher and reaching towards the vital $1400 support level underneath that. There is a bit of a “zone” that extends down to the $1390 level, which is an area that defines the trend for me at this point. I think it’s only a matter time before buyers would jump in there as well. If we were to break down below that level, it would be extraordinarily bearish, and then make this market collapse. All things being equal, I do think that the ascending triangle that we have been forming and the uptrend continues to go higher, and at this point, I believe and gold going higher and it should continue to be a market that shows plenty of value every time it dips.

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