Gold Price Forecast – Gold markets continue to try to break out

Gold markets gapped higher to kick off the Friday trading session, reaching towards the $1325 level. With that being the case, we ran into a buzz saw of resistance which you would expect. This is a market that has seen a lot of buying as of late, and I think that short-term pullbacks continue to offer buying opportunities. After all, there are a lot of reasons to think that gold will continue to go higher.

Gold Analysis Video 18.02.19

The Federal Reserve lightening its stance on a monetary tightening policy of course is a driver of sending this market higher, but at the $1325 level has been massive resistance barrier that we can break above. However, if we break above there then I think the $1350 level will be significant resistance. Overall, I do believe that buying the dips continues to work, with the $1300 level underneath being massive support. That of course was massive resistance previously, so it makes sense.

The US dollar of course will be a major driver of where gold goes next, so pay attention to that. The greenback has been showing signs of weakness lately, and the Federal Reserve showing a bit of softness lately of course will continue to give the idea of buying gold to traders around the world. Beyond that, we have geopolitical issues around the world that can also have people looking for safety when it comes to gold. At this point, I have no interest in selling Gold.

Please let us know what you think in the comments below