Gold Price Forecast – Gold markets rally on Thursday

Gold markets rally during the day on Thursday as the ISM Nonmanufacturing announcement missed in the United States which of course has people worried about the global growth situation as the United States is the “final frontier” of stability.
Christopher Lewis
Gold daily chart, October 04, 2019

Gold markets initially pulled back during the trading session on Thursday but found enough support at the $1500 level to turn around and rally again. That of course is a good sign that we are going to continue the uptrend as we have found the 50 day EMA important enough to use as support as well. Ultimately, this is a market that should continue to go higher, but there is also the jobs number coming out on Friday that will have a massive effect on how things play out next. Because of this, I would be a bit cautious about jumping “all in”, but it certainly would be with the overall trend which is the most important thing.

Gold Price Predictions Video 04.10.19

The uptrend line underneath should offer support as well, so there’s at least three reasons to think that the buyers will come back given a chance. Pullbacks at this point should be buying opportunities, just as the $1540 level above should be resistance. Because of this, if we can break above that level it’s likely that we would then go to the $1560 level above which was the most recent high. I do think that we break above there given enough time, but obviously it will be a bit of a fight. All things being equal I think that short-term pullbacks will continue to offer buying opportunities going forward. It’s not until we break down below the $1450 level that I would be concerned about the overall longer-term uptrend. I believe Gold is going to go much higher over the next several months.

Please let us know what you think in the comments below

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US