Gold Price Forecast – Gold markets looking for support

Gold markets fell slightly during the trading session on Thursday, but we ended up turning back around to show signs of life again. The candle stick is a very important shape at this point, that shows that there is real resiliency to try to go towards the $1325 level, and then perhaps even above there. After all, the gold market has been rallying every time we dip, and I think that’s going to continue to be the case. After all, there are a lot of different things out there moving the markets, not the least of which would be a softening US dollar due to a softening Federal Reserve.

Gold Outlook Video 14.02.19

Even with that being the case, we also have to worry about global growth, and of course geopolitical concerns. This will continue to drive gold higher, as people look for a bit of a safe haven way to protect their wealth. If central banks are about to continue to be very soft and perhaps even accelerate that softness, that should continue to make a bullish case for gold. Ultimately, I think the area between $1325 and the $1350 range will continue to be massive resistance. If we can finally break above that, the market should then go to the $1400 level. At this point, I look at the $1300 level as significant support and therefore short-term traders will look to continue to buy as we get closer to that region. Ultimately, I am very bullish goal but I recognize that we had gotten a bit extended so these pullbacks are simply a momentum building exercise.

Please let us know what you think in the comments below