Gold Price Forecast – Gold Markets Reaching Towards Big Figure

Gold markets have gapped higher to kick off the trading session on Tuesday, and then reached towards the psychologically and structurally important $1900 level. That is an area that has previously been important, so it should be now. The 50 day EMA sits at the $1915 level and is falling lower. As it reaches towards in $1900 level, it is likely that we will continue to see a bit of resistance. This is not to say that I am looking to short gold, rather I am looking for better opportunities underneath.

Gold Price Predictions Video 30.09.20

The $1800 level for me is a great buying opportunity, and I would be willing to buy this market on any type of bounce in that general vicinity. It was the scene of a major breakout, so it does make quite a bit of sense that we would see a bit of “market memory” come into play at this area. With that being the case, I like the idea of picking up value in that area if I can. Furthermore, the 200 day EMA is reaching towards the $1800 level, and that should of course offer a lot of support from a technical standpoint.

I believe that the US dollar is crucial to pay attention to, as the negative correlation between the greenback and gold continues to be rather strong, so it is most certainly worth paying attention to. The US Dollar Index has been pulling back a bit, but recently had a major bounce from a major trendline. I think we are going to see a lot of volatility so keep your position size relatively small.

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