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Gold Price Forecast – Gold Markets Reach Even Higher

Gold markets rallied during the trading session on Friday to reach towards the $1650 level before pulling back slightly. At this point, the market has broken out during the last couple of days, and now it looks as if the $1600 level underneath could offer a bit of support. At this point I like buying pullbacks as gold should continue to show plenty of strength due to the fact that the central banks around the world continue to loosen monetary policy and of course there are a lot of fears when it comes to China and the coronavirus. At this point, the market is looking at a supply chain coming out of China that looks horrible, lease for the short term.

Gold Price Predictions Video 24.02.20

The 50 day EMA underneath continues offer plenty of support near the $1550 level, as it is not only a supportive level to begin with, but the 50 day EMA does tend to attract a lot of attention. It is sloping higher, and that of course is a bullish sign. Pullbacks will more than likely find plenty of opportunities near that area, but it’s going to take something rather significant to push this market that low. If we were to break above the $1650 level, then the market is likely to go looking towards the $1700 level. Based upon the ascending triangle that we just broke at the $1600 level, it’s likely that we will go to at least that level if not higher. Longer-term analysis tells me that the market should go looking towards the $1800 level eventually.

This article was originally posted on FX Empire

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