Gold Price Forecast – Gold markets noisy again

Gold markets rallied initially during the trading session on Thursday, as we continue to see a lot of choppy behavior in the precious metals markets. The ECB had an interest rate decision and that of course has an influence on what happens with gold, and although they did cut rates, they perhaps didn’t cut them far enough.
Christopher Lewis
Gold daily chart, September 13, 2019

Gold markets initially tried to rally during the trading session on Thursday, but the ECB may have disappointed in the scope of its quantitative easing. At this point, it’s very likely that we will continue to see a lot of volatility, but I think at this point we also could see a bit of value reenter the marketplace. After all, this is a market that had gotten ahead of itself and now I think the $1500 level has become a bit of a battlefield. Underneath, the 50 day EMA also offer support, right along with the uptrend line underneath there again. Ultimately, this is a market that should continue to go higher longer term, but it won’t necessarily be an easy trade to take on.

Price of Gold Video 13.09.19

The markets will more than likely find buyers underneath as the trend has been very strong and central banks around the world will certainly continue to cut rates. The Federal Reserve is up next, so it’s likely that Gold will continue to get a bit of a boost. All things been equal though, you will probably need to look for value underneath and signs of support.

Alternately, if we break above the top of the daily candle stick for the trading session on Thursday, then it would show a continuation of the overall uptrend. Ultimately, I think that the Gold markets are going to go looking towards the $2000 level but obviously it’s going to take quite a while to get there.

Please let us know what you think in the comments below

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