Gold Price Forecast – Gold markets find buyers underneath

Gold markets pulled back initially during the trading session on Tuesday, but found support near the Monday session lows, as we turn around and continue to reach towards higher levels. I believe that the $1325 level will continue to be rather resistive, but clearly after the impulsive break out above the $1300 level, buying is what we will probably continue to do. However, I recognize that the $1325 level does have a lot of resistance above it, reaching towards the $1350 level. It’s going to take a lot of momentum to get above there, so I would expect several pullbacks.

Gold Price Video 13.02.19

The $1300 level was previous resistance, so it makes sense that the area would be massive support. At this point, I’m looking to buy dips for short-term moves, recognizing that it’s going to take a lot of momentum to go higher. If we break down below the $1300 level, then I think the market probably goes looking towards the $1275 level underneath, which is the beginning of the initial surge higher that finally broke the specter of the $1300 level. Overall, I believe that the softening Federal Reserve has a lot to do with was going on, but then we also have plenty of geopolitical concerns out there that could continue to be a propellant for buyers in this market as well. If we turn around and break down below the $1275 level, then we probably have to pull back quite a bit to reset the situation.

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