Gold Price Forecast – Gold markets sideways after explosive move higher

Gold markets of course have been very explosive lately, but the Friday session was more or less the market digesting the gains. This is rather bullish though, because quite frankly you would think a lot of people would be willing to take profits at this point. They obviously are willing to sit on gold positions, as the $1220 level has offered a bit of support. I believe that the market will eventually go higher though, based upon the weekly chart. That doesn’t mean that we can’t pull back, I think it certainly can and I think paying attention to the US dollar will lead the way. While Friday has been a bit rocky, it looks as if the US dollar is starting to get a bit overstretched, so that should continue to help the precious metals markets.

Looking at this chart, I think a break above the $1230 level signals that we are going to go looking towards $1250 level next. It’s also a bit of a safe haven asset, although it has and acted like that for quite some time. If we do break down below the $1220 level, the market probably drops down to the $1210 level where I expect to see buyers. On the longer-term charts, it looks as if the bottom of the longer-term charts have held for quite some time have continued to do so.

Gold Price Forecast Video 15.10.18

This article was originally posted on FX Empire

More From FXEMPIRE:

• GBP/JPY Weekly Price Forecast – British pound drops for the week

• GBP/JPY Price Forecast – market continues range bound motion

• Gold Price Forecast – Gold markets sideways after explosive move higher

• Silver Weekly Price Forecast – Silver markets form a hammer

• Silver Price Forecast – Silver markets cool off slightly on Friday

• Gold Weekly Price Forecast – Gold markets show strength for the week