Gold Price Forecast – Gold markets continue to show strength

Gold markets rallied rather significantly during the trading session on Tuesday, breaking above the $1300 level handily. John that, we broke above the $1305 level, an area that of course is important when it comes to short-term charts. The hammers that we formed last week and closed out showing signs of support continue to be a major factor in this market from what I see, so therefore I like the idea of buying gold on short-term dips, as I think the $1300 level should be supportive, but then again I believe that the $1280 level underneath is massive support also. The fact that we are rallying the way we are suggests that we may end up avoiding that potential head and shoulders after all.

Gold Price Predictions Video 10.04.19

However, if we were to break down below the 200 day EMA which is currently sitting at the $1276 level, then it would change a lot in the way that the market looks, and I suspect that a lot of the algorithmic traders would get involved and start pushing much lower. Perhaps we would initially look at the $1250 level, and then the $1225 level. Overall, I like Gold because there are a lot of concerns about global growth although the US dollar strengthening has caused a bit of a problem. In general, I think that gold has much further to go but it is probably going to continue to be a “by on the dips” situation on short-term charts, reaching towards to the upside.

Please let us know what you think in the comments below