Gold Price Forecast – Gold markets continue to flex muscles

Gold markets initially gapped higher to kick off the trading session, reaching towards the $1440 level. I think at this point, the $1450 level will be a target, and if we can get to that level it will be very interesting to see how things play out. That’s an area that has been massive resistance as of late, but if the Federal Reserve sounds overly dovish, then we could finally get the breakout that we been waiting on.

Gold Price Predictions Video 31.07.19

I suspect that people are trying to get ahead of that announcement, perhaps trying to “front running” the statement. You obviously have to have reasonably deep pockets to do something like that, as the volatility will be incredible. Because of this, you could look to short-term charts that offer small pullbacks to take advantage of, as it could be a bit cheaper.

To the downside, I suspect that the $1425 level will continue to offer support, just as the $1400 will, extending down to the $1390 level as it is a bit of a zone. The 50 day EMA is reaching towards that level, so I think that’s another reason to think that the buyers may come in to try to pick this market up. All things being equal, I think it’s only a matter of time before you go along, and shorting this market really isn’t much of a thought at this point.