Gold Price Forecast – Gold markets rally
Gold markets rallied a bit during the trading session on Tuesday, reaching towards the $1400 level. That’s an area that of course causes a lot of resistance based upon the large, round, psychologically significant figure, and of course the gap that sits just above there. With that in mind I am still waiting to see some type of supportive candle that I can take advantage of, perhaps at one of the $25 level. The $1400 level of course is crucial, but then again the $1375 level will and then of course the $1350 level will as well.
Gold Price Predictions Video 03.07.19
The $1350 level is not only important from a structural standpoint considering that we can break above there, but the fact that there is a big gap there as well. It’s also the 50% Fibonacci retracement from the move higher, so I think there’s plenty of reason to think that we should be buying in that area. At this point, the market is very likely to be noisy, but I think that there will be plenty of buyers underneath as we continue to see the Federal Reserve cut interest rates, and therefore the market is trying to price at end. We got a little ahead of ourselves though, so a pullback makes quite a bit of sense.
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Beyond that, we could get some type of shock to the system more negativity between the United States and China to turn Gold back around to the upside as well, so at this point I think it’s much easier to be a buyer on dips that if anything.
Please let us know what you think in the comments below