Gold Price Forecast – Gold Markets Pullback To Look For Support

Gold markets have pulled back rather significantly during the trading session on Tuesday, reaching towards the $1565 level. This is an area that should attract some attention but support probably runs down all the way to the $1550 region, so waiting for some type of support of candle makes quite a bit of sense. With that in mind I like the idea of buying some type of dip on a short-term chart, keeping an eye on the daily chart as a bit of a roadmap.

Price of Gold Video 29.01.20

The FOMC Statement tomorrow will have a massive influence on where the US dollar goes, and therefore should have a massive influence on where gold goes. With that in mind I like the idea of buying these dips as they should offer plenty of value, and less of course for some reason the Federal Reserve sounds hawkish. That’s almost impossible at this point, so gold should eventually get a bit of a boost and if anything, statement should lift the value of gold going forward. After all, it’s in an uptrend, and that has not changed at all, despite the fact that we have seen a couple of rough days. In fact, it’s not until we break down another $70 or so that I’m concerned about gold. At this point, I will simply wait for daily candlesticks to form that tell me it’s time to go along, and then trade accordingly. I will keep you up-to-date as to what I am doing here at FX Empire, via my usual analysis.

Please let us know what you think in the comments below