Gold Price Forecast – Gold markets tolling slightly

Gold markets stalled a bit during the trading session on Tuesday, after forming a massive shooting star on Monday. At this point, it looks like we may have a little bit of a pullback coming, and at this point it could be a simple value play just waiting to happen.
Christopher Lewis
Gold daily chart, August 28, 2019

Gold markets initially tried to rally during the trading session on Tuesday but has given back quite a bit of the gains as we are in relatively quiet trading. Keep in mind that the gold market is very bullish overall, but it looks like we are starting to run into a few headwinds here. We probably need to digest the idea of being above the $1500 level, and therefore it wouldn’t surprise me at all to see this market find plenty of buyers underneath. The 50 day EMA is at the $1450 level, and that should offer plenty of support. I think that people will continue to look at short-term pullbacks in the gold market as an opportunity to pick up gold on the cheap, but I would expect a lot of volatility as well.

Gold Price Predictions Video 28.08.19

The market breaking above the top of the Tuesday candle stick would be a very bullish sign and could send this market looking towards the $1600 level. Any pullback at this point should be looked at with suspicion, and quite frankly I look to short-term charts as an opportunity to pick up supportive candles to buy this market. I think that it’s going to become more or less a short-term trader type of environment, but with a decidedly upward tilt. I have no interest in shorting Gold unless of course there is some type of major change in attitude around the world. I don’t see that happening anytime soon, so it’s very likely that we continue to grind even higher.

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