Gold Price Forecast – Gold markets show neutrality

Gold markets went back and forth during the trading session on Thursday, gapping a bit lower and reaching towards the $1305 level. At the moment, it looks as if we are going to continue to find plenty of buyers given enough time, it’s just a matter being patient.
Christopher Lewis
Gold daily chart, February 08, 2019

Gold markets continue to look bullish longer-term, but we did get a little bit of a pullback which of course gives us an opportunity to pick up gold “on the cheap.” Overall, I think that the Gold markets continue to be very choppy as we try to build up a bit of momentum, and then perhaps reach towards the $1325 level again, an area that has been resistance more than once. However, I think that we do eventually break above there based upon a softening Federal Reserve, and of course the global concerns when it comes to geopolitical issues.

Gold Analysis Video 08.02.19

With the Brexit, global growth slowing down, and then the Federal Reserve stepping away it’s very likely that we continue to see a move in the precious metals, but I’m not necessarily looking for a “melt up” anytime soon, but I do think that it is a very high likelihood of more of a grind to the upside. Build your position slowly, and then add as we continue to show signs of strength is how I choose to play this market. I don’t have any interest in shorting this market until we would break down below the $1280 level, which would show a break of significant support. At that point, then all bets would be off but clearly it looks as if bullish pressure continues in the gold market, and there’s no point in fighting that anytime soon. Overall, look for value and you should be fine.

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US