Gold Price Forecast – Gold Markets Have Volatile Session

Gold markets initially pulled back early in the session, only to turn around a start rallying again as the market was anticipating a potentially dovish press conference from Federal Reserve Chairman Jerome Powell. He did not deliver an overtly dovish statement, so a lot of the short term “hot money” started getting out of the market.

By the end of the day, we ended up reversing a lot of the gains of the last couple of days, so at this point in time I think we are simply continuing to digest the same moves as we had just a few days ago. Ultimately, the 50 day EMA underneath at the $1900 level should be nice support, so I am using that as an area to pick up little bits and pieces of gold. However, if we were to break down below there then it opens up a move down to the $1800 level, an area that I find extraordinarily supportive.

Gold Price Predictions Video 28.08.20

To the upside, I believe that the $2000 level will be targeted yet again, as it is a large, round, psychologically significant figure, and of course an area where we had seen a significant push towards recently. When you look at this chart, you can make an argument for lower highs, but we have not made a lower low yet. Furthermore, it also make some type of argument for a bit of a rounding bottom trying to form after the initial push higher. In other words, even though the markets have been very negative recently, the reality is that we are still very much in an uptrend from a longer-term perspective. It is because of this that I anticipate value hunters will return on dips.

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