FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
5,557,229Confirmed
348,242Deaths
2,332,633Recovered
Fetching Location Data…
Advertisement
Advertisement

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

Advertisement
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

Trade With A Regulated Broker

  • Your capital is at risk