Gold Price Forecast – Gold Continues to Look Strong After The Fed Meeting

Gold Markets Technical Analysis

The gold market has gone back and forth quite a bit during the early hours here on Thursday, as it looks like we are going to continue to see buyers, but I think given enough time, we probably not only go higher, but we break the recent highs just below the crucial $2,490 level. I do think it is probably only a matter of time before we not only break above there, but then clear the psychologically important $2,500 level.

All things being equal, this is a market that I believe buyers will continue to come in and take advantage of cheap ounces with the $2,400 level underneath being a major support level as it had previously been a major resistance level.

We also have the 50 day EMA underneath there that comes into the picture. And of course, we have the trend line that also has been rather obvious over the last several months as we continue to grind higher, and I do think that’s the key here, the word being grind, I do think that things get a little bit choppier, but after the Wednesday session, the market seems pretty sure that the Federal Reserve is going to cut interest rates in September, and that generally does help gold. Furthermore, we have plenty of geopolitical risks out there, especially in the Middle East. So, with that, I think gold continues to look attractive to most traders, at least as a part of your portfolio.

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