Yahoo Finance Gold Price Forecast – Gold markets pull back but find support
The Gold markets have pulled back during the trading session on Thursday, breaking down below the $1280 level. If we do break down below that level again, I’m going to imagine that buyers will be looking for value underneath. We have formed three hammers in a row, so the next move should be rather significant. If we break down below these three hammers, that of course would be an extraordinarily negative sign as it would be a break of massive support. However, if we break above the top of the middle hammer, then it would show a significant break of resistance, and it should send the market heading towards the $1290 level, and then eventually the $1300 level.
Gold Price Predictions Video 25.01.19
The US dollar will have its influence, as the Gold markets will typically rally with the softening US dollar, and of course vice versa. At this point, it’s very likely that the market will remain volatile, but I do think that overall it looks as if the buyers are still in control. This could be the pause before an explosive move above $1300, which is my base case scenario right now. However, if we do break down I think the next support level is to be found at the 50 day EMA closer to the $1265 level. Longer-term, I believe that this market is going to move in $25 increments all the way to the $1400 handle. It’s not going to be easy, but it certainly looks bullish still.
This article was originally posted on FX Empire
