Gold Price Forecast – Gold markets finding support on TuesdayGold markets pulled back a bit during the day on Tuesday but seem to be hanging on to the $1280 level, an area that I thought could be supportive. Because of this, I think we are now looking at a possible return to consolidation.
Gold markets have pulled back a bit during the trading session on Tuesday, showing the $1280 level to be supportive again. Ultimately, I do think that the Gold markets will rally from here and go looking towards the $1300 level. That’s not to say that it will be easy, and quite frankly this will move right along with the US dollar. The US dollar has strengthened the lately, and that of course has put some bearish pressure on gold. However, one thing that you should keep in mind is that the negative candle stick that formed on Monday was without the benefit of having the Americans and the market as it was Martin Luther King Jr. Day in America. If we can break above the top of the candle stick for the trading session on Tuesday, then I think the market will go looking towards the $1290 level, and then eventually the $1300 level.
Price of Gold Video 23.01.19
If we do finally break above the $1300 level, that would send this market looking towards the $1400 level. At this point, that would be a very bullish sign and I would add aggressively to a breakout if it does in fact happen. If we break down below the candle stick for the Tuesday session, then I think we are going to go to the 50 day EMA below, which is currently near the $1263 level. Ultimately, this is a market that I think has a lot of support underneath and therefore I’m a buyer over all.