Gold Price Forecast – Gold Markets Break Barriers
Gold markets rallied significantly during the trading session showing signs of strength again as we have broken above the $1600 level. By doing so, the market looks as if it is ready to continue going higher, perhaps breaking above the most recent high just above that level. If it does, then I believe that the market can continue to go towards the $1650 level, perhaps even further than that. I like the idea of buying pullbacks as they occur, because it’s obvious that gold is going to continue to rally significantly.
Gold Price Predictions Video 19.02.20
The 50 day EMA underneath is crossing the $1550 level, which is the support level that the market has been attracted to for several times now, and it looks as if we are trying to break above the potential ascending triangle or something close to that that we have been forming. Ultimately, I think that the market then is likely to go looking towards the $1800 level over the longer term.
Pullbacks continue to be buying opportunities, and therefore I think looking for value is the only way to go. I think given enough time the market will eventually find reasons for gold go higher, not the least of which will be the central banks around the world keeping very loose monetary policy. Furthermore, there are a lot of concerns about the global growth situation and of course the coronavirus issues. Look at pullbacks as value, as I have been saying for quite some time as gold is certainly bullish and should continue to be so. Shorting is all but impossible.
This article was originally posted on FX Empire
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