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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

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