Gold markets rallied a bit during the trading session on Wednesday as we continue to see buyers step in and try to take this on. I think it’s only a matter of time before the buyers break out to the upside. Ultimately, when you look at shorter-term charts it’s easier to see that there are a lot of people are interested in buying gold, and as a result it makes sense that we continue to focus on the Federal Reserve in general. The Federal Reserve of course is highly dovish, so that of course makes quite a bit of sense that Gold will rally. If the US dollar continues to soften, that would be a huge driver of gold to the upside.
Gold Analysis Video 25.07.19
Beyond that, we have a lot of central banks around the world that are also looking to cut monetary policy back, it makes sense that Gold will get quite a bit of buying pressure from several different groups of traders out there. I believe that ultimately this market is going to try to go to the $1450 level but it’s not necessarily going to get there today. I like the idea of buying pullbacks and do believe that if and when we finally get through that crucial $1450 level, the market will probably go screaming towards the $1500 level next. Gold is in a bullish run, and that doesn’t look likely to change anytime soon.
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This article was originally posted on FX Empire
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