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Gold Price Forecast – Gold markets pulled back looking for support

Gold markets pulled back a little bit during the trading session on Tuesday, as we continue to try to build up momentum to the upside and break above the major resistance level at $1250.
Christopher Lewis
Gold Midday chart, October 30, 2018

Gold markets continue to be very bullish overall as of late, and it looks as if we are trying to build up the necessary momentum to clear the $1250 level. If we can break above that level, then the market is likely to continue going higher, initially to the $1275 level, and then eventually the $1300 level after that. This is a market that continues to be very noisy, but I think there is an underlying bullish pressure as the US dollar has gotten a bit stretched, and of course beyond that it’s likely that there is a bit of a safe haven bit when it comes to precious metals as well.

Gold Outlook Midday Video 30.10.18

When I look at this chart, you can see that we have exploded to the upside and above the downtrend line that had been such a major force in this market. This is a market that has been sideways for a while, with the $1200 level being a bit of a floor in the market, while there is major resistance at the $1400 level. With the way Gold has been sold off recently, I think we are simply trying to return to those lofty levels as we have broken a medium-term downtrend, and most certainly got oversold on longer-term charts. Whether we can break above the $1400 level of course is a completely different question, but at this point I think there is more danger to the upside than the down, especially if we can get a bit of a softening of the US dollar strength that we have seen so much of lately.

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