Gold Price Forecast – Gold markets rally again during Tuesday session

Gold markets have clearly broken above the 50 day moving average, and now look likely to continue to go higher based upon the bullish action that we have seen. At this point in time, I believe that the market will probably reach towards the $1250 level, an area that has attracted both buyers and sellers in the past. Currently, on the daily chart it looks as if we are trying to bounce around between $25 levels, and I think with the 50 day EMA turning to the upside, it’s obvious that Gold is ready to make a serious attempt at a breakout. However, I would look for short-term pullbacks in order to pick up a bit of a value play and of course get a better entry point.

The $1225 level underneath should offer support so I like the idea of buying these dips. The 50 day EMA should offer dynamic support as it has offered dynamic resistance. Longer-term, I think that gold is starting to turn back into a bit of an  uptrend, perhaps attracting a lot of longer-term money. $1300 will of course be crucial as well and could be a barrier that will be very difficult to overcome, unless of course we get some type of massive meltdown in global risk appetite, which will only exacerbate what we have seen recently. I do believe that Gold has been oversold for some time, and now it looks like we will continue to find buyers every opportunity we get. I would only change my opinion if we break below the 50 day EMA again.

Price of Gold Video 24.10.18