Gold Price Forecast – Gold markets rally for Wednesday

Gold markets initially fell during the trading session on Wednesday, but then turned around to rally rather significantly as we are starting to see quite a bit of fear enter the marketplace. As such, the market suddenly looks as if it is ready to continue the longer-term uptrend.
Christopher Lewis
Gold daily chart, July 18, 2019

Gold markets continue to be very volatile, initially pulling back during the trading session on Wednesday but found enough support at the $1400 level to turn things around and rally rather significantly. If this move continues, we will almost certainly make a serious run at the $1450 level, which has been massive resistance in the past. Ultimately, I think that gold probably continues to rise to the point where we break out longer term, as so many central banks around the world are willing to cut interest rates, and of course there are a lot of concerns out there.

Gold Price Video 18.07.19

I think that the $1390 level offers short-term support, so to turn around and break down below that it would be a very negative sign, perhaps reaching down to the $1350 level. Overall though, this is a market that should continue to be boosted by a central bank weakness, and of course the overall trend itself. I think that we will eventually try to go towards the $1500 level, and perhaps even higher than that.

It’s obvious that the trend has changed completely, and the fact that we pulled back a bit only to find buyers and support, that tells me that there is a lot of strength. Given enough time, it’s a market that will continue to find plenty of reasons to get involved with, and therefore I don’t like the idea of trying to get too cute in trying to short it at the top. I think it is only a matter time before that top gives way.

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.