Yahoo Finance Gold Price Forecast – Gold Markets Continue to Show Strength
Gold markets have initially pulled back a bit during the trading session on Thursday but found enough support just above the $1600 level to turn around and go higher. There are plenty of concerns around the world when it comes to growth, and that of course helps gold. Beyond that, the concerns about growth continue to have people throwing money at gold from their local currencies. The fact that the market has broken above the $1600 level is a good sign as well, so at this point I think the market is going to try to run towards the $1800 level.
Gold Price Predictions Video 21.02.20
To the downside, not only is the $1600 level supportive, but the $1550 level should be as well, especially with the 50 day EMA crossing it right now. All things being equal, the market looks as if it wants to go higher given enough time, so I do like the idea of looking at dips as value and adding to an already larger core position. Granted, the gold markets will move based upon headlines, especially when it comes out of China, but given enough time central banks loosening monetary policy is the greatest determination of where this market goes next.
This is a market that has been forming an ascending triangle, which we have just broken out of. Given enough time, it means that we could go looking toward $1700 level in the short term, but based upon the longer-term consensus and technical analysis, the $1800 level makes quite a bit of sense.
This article was originally posted on FX Empire
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