Gold Price Forecast – Gold markets pressing top of consolidation

Gold markets have gone back and forth during the trading session on Wednesday, as we continue to bounce around the top of what I see as the consolidation area and the potential routes to much higher pricing.
Christopher Lewis
Gold daily chart, August 29, 2019

Gold markets have gone back and forth during the trading session on Wednesday, as we continue to bang around the $1550 level. This is a market that I think continues to see a lot of volatility but more importantly, a lot of upward pressure. Granted, the Monday candle stick is a shooting star and that of course is a very negative sign, and we have yet to pull back significantly. I think that pullback is coming and I think it’s very likely that we will find buyers underneath at the $1500 level. This is a market that I think will continue to find plenty of buyers over the longer-term, simply because central banks around the world will continue to loosen monetary policy.

Gold Prices Video 29.08.19

I’m very interested in the $1500 level but would also use the 50 day EMA underneath near the $1458 level to start buying as well. At this point in time, it’s likely that we will probably find reasons to go long either through those central bank moves, or geopolitical concerns. Granted, the US dollar has been strengthening and that can sometimes work against gold, but as it is more or less a safe haven bit this time, I think both end up going higher. In fact, I have no interest in shorting this market until something changes with central banks around the world and we won’t see that anytime soon. I believe that Gold is eventually going to go looking towards the $1800 level. After that, we could be looking at $2000 but it may take some time to get there.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.