Gold Price Forecast – Gold markets flat for Tuesday session

Gold markets have gone back and forth during the trading session on Tuesday as we trying to suss out where we are going next. Gold markets should continue to attract attention though, because quite frankly central banks around the world continue to ease monetary policy and therefore have a bit of a “race to the bottom” when it comes to currencies. One of the first things that traders will do is buy gold as a bit of a hedge against currency destruction.

Gold Price Predictions Video 25.09.19

Beyond that, we also have a lot of geopolitical concerns out there that should continue to cause issues. If that’s going to be the case, then it’s very likely that buying on the dips should continue to be the trade going forward. The $1500 level should offer significant support, as it is a large, round, psychologically significant figure, and the beginning of the range of support down to the $1490 level. Just underneath there is the 50 day EMA, which of course attracts a lot of attention as well. We are in the longer-term uptrend still, so I look at value as the best way to trade this market. Beyond that, there is also the $1450 level underneath which is the top of the ascending triangle that had kicked off this latest move. Recently, we have been digesting those gains, but it’s only a matter time before either geopolitical or central bank issued jumps into the market and pushes gold towards the $1600 level.

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