Gold Price Forecast – Gold markets recover to show signs of strength again on Wednesday

Gold markets continue to show signs of strength during the trading session on Wednesday, as we have broken back above the $14.25 level. Ultimately, I think that this market will probably find plenty of reasons to go higher, not the least of which will be the Federal Reserve.
Christopher Lewis
Gold daily chart, July 25, 2019

Gold markets rallied a bit during the trading session on Wednesday as we continue to see buyers step in and try to take this on. I think it’s only a matter of time before the buyers break out to the upside. Ultimately, when you look at shorter-term charts it’s easier to see that there are a lot of people are interested in buying gold, and as a result it makes sense that we continue to focus on the Federal Reserve in general. The Federal Reserve of course is highly dovish, so that of course makes quite a bit of sense that Gold will rally. If the US dollar continues to soften, that would be a huge driver of gold to the upside.

Gold Analysis Video 25.07.19

Beyond that, we have a lot of central banks around the world that are also looking to cut monetary policy back, it makes sense that Gold will get quite a bit of buying pressure from several different groups of traders out there. I believe that ultimately this market is going to try to go to the $1450 level but it’s not necessarily going to get there today. I like the idea of buying pullbacks and do believe that if and when we finally get through that crucial $1450 level, the market will probably go screaming towards the $1500 level next. Gold is in a bullish run, and that doesn’t look likely to change anytime soon.

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