Gold Price Forecast – Gold Markets Testing 50 EMAThe gold markets rallied a bit during the trading session on Wednesday as we await stimulus and Federal Reserve notes.
Gold markets initially tried to rally during the trading session on Wednesday but struggled at the 50 day EMA as we await the Federal Reserve meeting and of course whether or not there is going to be more stimulus. As things stand currently, it does look like stimulus could come back into play, but it is worth noting that the gold markets will have to wait and see whether or not it gets everything it needs. The US dollar is a bit oversold in the short term, but it is likely that we will continue to see negativity when it comes to the greenback. This is especially true if it follows not only stimulus, but perhaps the Brexit situation favoring the British pound.
Gold Price Predictions Video 17.12.20
At this juncture, I believe that the market will continue to go back and forth until we get some type of clarity. Once we do, the gold market will probably take off and move rather quickly. Ultimately, I think that we are looking at a scenario where there should be plenty of buyers just waiting to get involved, so at this point in time I think buying dips probably continues to work. If we can break above the 50 day EMA and if we get enough stimulus, it is likely that the gold market will go looking towards the $1900 level. That is a large, round, psychologically significant figure, so it does make quite a bit of sense that there would be a bit of resistance and always there.
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