Gold Price Forecast – Gold Markets Power HigherGold markets rallied a bit during the trading session on Thursday, breaking above the long wick from the Tuesday session. At this point, the market is very likely to offer buying opportunities on dips, as we are obviously very strong.
Gold markets have rallied significantly during the trading session on Thursday, breaking above the highs from the Tuesday session which had tested a major resistance barrier. This of course is a good sign and should continue to send this market much higher. Ultimately, this is a market that I think will continue to favor buying on dips as there are a lot of concerns out there. Beyond that, the US dollar does continue to get hit a bit, that should drive the price of gold up higher as well.
Gold Price Predictions Video 03.01.20
At this point in time it looks as if the 50 day EMA is going to reach higher and offer a bit of dynamic support. Overall, this is a market that has seen a lot of support at the 38.2% Fibonacci retracement level in the form of the $1450 level. With this, the market should continue to go much higher, reaching towards the highs again and breaking out beyond that. This is because monetary policy is extraordinarily loose around the world, and economic numbers in the United States continue to slow down a bit. All things being equal it’s very likely that we could see more of a rush into gold, especially if the US/China trade situation starts to deteriorate again. While the “phase 1 deal” is almost a certainty, then we have to worry about anything beyond that, something that doesn’t look very likely to happen between now and election day in November. With this, gold should continue to grind much higher over the next several months.