Gold Price Forecast – Gold markets continue to stabilize

Gold markets fell slightly during the trading session on Wednesday, as we continue to see a lot of noise in this market. I think that this pullback should be a buying opportunity though, although it may take some time to build up the necessary momentum to go higher. Once we do, then I think we will find the $1325 level in our rearview mirror. That being the case, I do like buying dips but I also recognize that there is a lot of noise out there that can continue to throw this market around.

Gold Analysis Video 07.02.19

With the Federal Reserve on the sidelines and looking very likely to remain a bit more dovish than originally anticipated, we should continue to see the US dollar fall a bit. That being the case, I think that the gold market will get a bit of a boost due to the shrinking greenback, but at the same time we have geopolitical concerns out there that could also have people looking to buy precious metals for a bit of a safety play.

We are obviously in a strong uptrend, and I believe that the $1300 level underneath is going to offer plenty of support, as the 20 day EMA is sitting just above that area. Recently, we have had the 50 day EMA break above the 200 day EMA, and it should continue to throw longer-term money into this market. The moving averages are starting to spread out and angle higher on all three levels that I have drawn, and it looks very likely that we are going to go much higher.

Please let us know what you think in the comments below