Gold Price Forecast – Gold markets continue to hold support at major figure
Gold markets have rallied slightly during the trading session on Thursday as the $1500 level continues to attract a lot of order flow. The large, round, psychologically significant figure has been one that’s been worth paying attention to for some time, and of course we also have the 50 day EMA which sits just below it offering support as well. Even further down, the $1450 level would also be supported based upon the ascending triangle that had been formed there, as it would be a retest of major resistance to see if it will act as support.
Gold Outlook Video 20.09.19
Gold markets continue to be propelled by a central banks around the world cutting interest rates and of course doing quantitative easing or some form/combination of the two. Because of this, it is very likely that the market will continue to see a lot of noise but ultimately it does look as if it is ready to go higher rather soon. Beyond the central banks and the monetary policy out there, geopolitical events of course have people running towards gold as well, and of course the possibility of a global slowdown. In other words, this is a market that has a whole host the fundamental reasons to go higher, which of course are being supported by the technical reasons simultaneously. This doesn’t mean that we go straight up in the air, but it certainly seems as if the path of least resistance is to the upside currently. Buying short-term pullbacks continues to work, and if we can clear the $1530 level, the market is likely to go towards the highs yet again.
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This article was originally posted on FX Empire
