Yahoo Finance Gold Price Forecast – Gold markets continue to grind
Gold markets went back and forth during the trading session on Monday, as we continue to see a lot of interest in the $1300 level, an area that of course is psychologically important. Beyond that, we have the 50 day EMA just below that level, so it should offer a significant amount of support as well. Ultimately, the $1275 level underneath is massive support based upon the previous bounce, and of course the 200 day EMA which is just below there. In other words, I believe that there is a lot of support underneath and therefore it’s likely that the market will continue to find buyers on dips.
Gold Analysis Video 19.03.19
At this point, to the upside we have a significant amount of resistance at the $1325 level, which is also the bottom of the uptrend line which has been so important recently. That should cause resistance, but if we can clear the $1325 level, the market will more than likely go to the $1350 level, and then beyond that which could open the door to the crucial $1400 level.
The market has been bouncing between $1200 on the bottom and $1400 on the top for some time, so is very likely that we will try to get there given enough time. This week is going to be all about the Fed, and what their interest rate outlook is for the remainder of 2019, and if they remain rather loose and that suggests that there is no chance of an interest rate hike, that should be poor for the greenback, and good for precious metals.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
