Gold Price Forecast – Gold markets rally significantly during trading session

Gold markets rallied significantly during the trading session on Tuesday as we are trying to break above the $1550 level yet again. Ultimately, I think this market will continue to be bullish and I think given enough time we should continue to go higher. Pullbacks should offer value.
Christopher Lewis

Gold markets initially pulled back a bit during the trading session on Tuesday, but then broke above the $1550 level to show signs of strengthening yet again. That being said, the market is still struggling to go higher as it’s obvious that we can have a pullback in the meantime. To the downside, the $1500 level should be massive support, and a large, round, psychologically significant figure. All things being equal, even if we were to break down below there, the market probably goes down to the $1450 level which is the top of the previous ascending triangle. That of course is an area that will continue to attract a certain amount of attention, as it was previous resistance and it should now be supported.

Price of Gold Video 04.09.19

To the upside, I believe the market could go to the $1600 level but I also recognize that precious metals in general have gotten a bit ahead of themselves. I would anticipate a couple of pullbacks between now and Friday, which of course is the jobs number coming out of the United States. That should be a determining factor as to where the overall attitude of markets go forward, and that could obviously have a knock on effect over here in the gold market. I have no interest in shorting, so I look at pullbacks as opportunities to pick up gold “on the cheap.” Ultimately, this is a market will continue to be very noisy but I certainly think how’s quite a bit of upward tilt underneath it.

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
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.