Gold Price Forecast – Gold markets find support

Gold markets initially pulled back during the trading session on Friday but found support later in the day to turn around and form a slightly supportive looking candle stick. There is obvious support underneath at the $1500 level as well, as it is a large, round, psychologically significant figure and of course an area that will attract a lot of attention. That being the case, we also have the 50 day EMA racing towards that area so I think that any attempt to break through the $1500 level will probably face quite a bit of buying pressure.

Gold Prices Video 09.09.19

Underneath there, we have the $1450 level which was the top of the ascending triangle that kicked off this move. All things being equal though, I think that the Gold markets are going to continue to get the biggest boost due to central banks easing monetary policy around the world. Central banks are set to cut interest rates going forward, and therefore the gold market should continue to have plenty of bullish pressure underneath them. With that being the case I like Gold and I think that is the recent selloff with probably more or less a value proposition that a lot of people are looking at. It’s not until we break down below the $1400 level that I would be concerned about gold, as unlikely as that would seem at this point. I still believe that we are going to go to the $2000 level eventually.