Gold Price Forecast – Gold markets get hammered

Gold markets got absolutely hammered during the trading session on Thursday, breaking back from the $1550 level. We have seen a little bit of a bounce later in the day but quite frankly there is probably still some negativity to come.
Christopher Lewis
Gold daily chart, September 06, 2019

Gold markets continue to be very noisy, as we have broken down below the bottom of the candle stick from the previous session during the day on Thursday. This turns the Wednesday candle stick into a “hanging man”, so that of course is something to pay attention to. Gold more than likely will go much lower, but I do think that the $1500 level will attract a lot of attention. With that in mind, I think that we are probably going to get a short-term bounce, and perhaps a resumption of the uptrend. It is worth noting that the 50 day EMA is right there and likely to offer plenty of support. All of these things coming together of course is relatively bullish but I think it’s only a matter of time before traders will try to continue the long-term uptrend.

Gold Price Predictions Video 06.09.19

Furthermore, we have the $1450 level underneath which is the top of an ascending triangle and should offer plenty of support as it was significant resistance in the past. With that being the case it’s very likely that we will see plenty of buyers in that region as well. In other words, I am a buyer of dips in this market as it offers a bit of value and can be taken as gold going on sale so to speak.

In fact, I don’t have a scenario where I’m a seller of gold, as it is so strong and catching a falling knife is a very dangerous thing to do especially when it’s in the midst of a major uptrend line, and although this correction is rather brutal, the reality is that nothing has changed.

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