Gold Price Forecast – Gold markets initially pulled back to find buyers on Wednesday

As gold markets have been strongly lately, it’s not a huge surprise that the buyers came back into the marketplace to lift prices. At this point, the $1300 level offers a bit of interest, so does the $1280 level. Any pullback to that area will probably be a buying opportunity, but it should also be pointed out that there is a lot of volatility and of course we still need to hear what the Federal Reserve says in its meeting minutes. In general though, this is a marketplace that continues to move against the US dollar or with it, depending on how you look at things.

Gold Prices Video 11.04.19

Market participants continue to buy pullbacks when they get the opportunity, looking at them as value. However, if we were to break down below the $1280 level and possibly even the 200 day EMA, then market traders will probably jump in and start shorting heavily. It’s not until we break down below that level that I would be a seller though, so keep in mind that we will of course find plenty of volatility going forward as there are a lot of concerns around the world and in various markets. Ultimately, this is a market that I believe will continue to find bullish pressure but keep an eye on what the greenback is doing overall, because if it rises, it can quite often work against the value of precious metals overall. Obviously, the greenback starts to fall, then it puts a little bit of a boost into the gold market, as well as other metals.

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