Gold Price Forecast – Gold markets pulled back on Thursday

Gold markets pulled back a bit during the day on Thursday, as the $1350 level continues offer a bit of interest. However, we have broken out and we should eventually see buyers come back.·FX Empire
Christopher Lewis
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Gold markets pulled back a bit during trading on Thursday, as we had gotten a bit overbought. We have recently seen a massive break out though, so it does make sense that we see buyers come back in underneath and pick this market up. In fact, in the American session we are starting to see buyers come back to pick up a bit of value. If that’s going to be the case, it’s only a matter of time before we see Gold buyers continue to push towards the $1350 level, and perhaps break out above there.

Gold Price Predictions Video 22.02.19

The Federal Reserve of course is very soft, and it makes a lot of sense that Gold would rise as not only the Federal Reserve is soft, but we also have several banks around the world buying it. If central banks are coming in to pick up the market, you can be sure that traders are paying attention to that order flow.

At this point, I believe that the $1300 level underneath is a bit of a “floor”, and I would be surprised if we break down below there. The 50 day EMA is just below there, so I think given enough time technically speaking it should be buying opportunities. The market looks very likely to head towards the $1400 level over the longer-term, but that doesn’t mean it’s going to be easy to hang onto. Looking at this choppiness and this uptrend, there’s no way to short this market and it looks like Gold will continue to go much higher.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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