Gold markets have rallied significantly during the trading session again on Thursday, reaching towards the $1516 level, and at this point I think that the market is probably going to go looking towards the $1520 level. If we can break above there, then this is the longer-term uptrend ready to continue going higher. Ultimately though, I think that a pullback is simply going to be an opportunity to pick up gold “on the cheap”, and I would also point out that between the holidays the volume is very thin. That may be one of the biggest reasons we have reached so far in just a couple of days, but at this point I think it does show that the trend is definitely bullish, so now it’s a simple matter of looking for value and taking advantage of it.
Gold Price Forecast Video 27.12.19
I believe that the $1500 level will now be very supportive, and that we are likely to see any pullback towards that area get picked up based upon the fact that gold would be cheap. Overall, I think that eventually the market probably goes looking towards the highs again at the $1550 level, and possibly even further than that. There are plenty of reasons to think that gold could continue to get a little bit of a boost due to repo operations, and a multitude of other major problems. With this, I remain bullish, but I also recognize that looking for a little bit of value is probably the best way to play this market.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- AUD/USD Price Forecast – Australian Dollar Looking To Break Out Again
- GBP/USD Daily Forecast – Sterling Recovers and Snaps Six-Day Losing Streak
- Global Markets Edge Higher, Europe Closed For Boxing Day, Trade Deal Lifts Sentiment
- Silver Price Forecast – Silver Markets Continue To Show Bullish Pressure
- EUR/USD Mid-Session Technical Analysis for December 26, 2019
- E-mini S&P 500 Index (ES) Futures Technical Analysis – Could Strengthen Over 3240.00, Weaken Under 3225.75