Gold Price Forecast – Gold markets continue to struggle

Gold markets have gone back and forth during the trading session on Monday as we continue to hang around the $1400 level. At this point, the market has formed a couple of shooting stars on the weekly charts, so at this point it looks like we are trying to break out but may need to pullback in order to build up enough momentum to go higher. Quite frankly, we still have a massive gap lower, somewhere near the $1350 level. If we were to pull back to that area and show signs of support I’d be more than willing to start buying gold at that point.

Gold Price Video  09.07.19

The entire world expects the Federal Reserve to cut interest rates in July, and that has been working against the value of the US dollar. That typically helps gold, as it is of course priced in those same US dollars. The markets make it above the $1450 level will of course be a very strong sign, and therefore would send fresh money bank into this market. However, I truly believe that we need some type of pullback in order to fulfill that move.

If we were to turn on a break down below the 1003 and $50 level, that would be an extraordinarily negative sign, but not something I expect to see anytime soon. Take your time but be patient and pay attention to the daily candle sticks as they can guide the way. The marketplace continues to see a lot of different factors influencing gold, but at the end of the day it looks bullish.

Please let us know what you think in the comments below