Gold Price Forecast – Gold markets shoot higher but sell off later in the day

Gold markets initially gapped higher to kick off the Monday session, reaching well above the $1550 level before selling off later in the day. This was partially in reaction to the extension of tariffs by the Americans against the Chinese, and of course the fact that we had not had an opportunity to react to that has those tariffs were announced after markets close. That being said, we have turned quite a bit backwards to the downside, it looks like that we are probably going to go lower to look for support. The $1500 level underneath should continue to offer massive support. If we reach down towards the $1500 level, I think there will be plenty of people willing to jump in and take advantage of value.

Gold Price Forecast Video 27.08.19

Even if we break down below there, the uptrend is an over, we can start to look towards the 50 day EMA underneath. At this point, it’s very likely that some type of bounce from the 50 day EMA would be reason enough to start buying as well. The alternate scenario of course is that we break above the top of the shooting star that is trying to form for the day, which shows another extension of the buying pressure, perhaps in a huge move forward. I have no interest in shorting the gold market right now, because quite frankly there are far too many issues out there to think that gold will fall apart suddenly. As long as there’s fear, Gold it should perform fairly well and dips should offer value.

Please let us know what you think in the comments below