Gold Forecast Today - 19/08: Rallies For Breakout (Chart)
Date
8/19/2024 3:04:33 PM
(MENAFN- Daily Forex)
We are most certainly threatening the crucial $2500 level now, and it's likely that we do eventually break above there. We have recently been in an ascending triangle, and therefore it looks as if we are building up the pressure to go higher. Short-term pullbacks will almost certainly continue to attract value hunters, and quite frankly think there are a whole host of reasons why Gold should continue to go higher.
Many Reasons to Go Higher
There are a whole list of reasons to assume that the
gold markets are going to go higher, not the least of which would be the fact that there is a lot of fear out there. After all, the markets have recently seen a lot of volatility, and therefore a certain amount of“safety trade” comes into focus. We now have to pay close attention to the $2500 level, which is a large, round, psychologically significant figure, and therefore it's likely that we could continue to see that area attract a lot of attention. If we were to break above there, then I think it brings quite a bit of“FOMO” into the picture.
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Furthermore, I think you also have to keep in mind that the central banks around the world are going to be cutting rates, and that does tend to make the idea of owning gold a little bit more attractive. Furthermore, the market is likely to continue to be paying close attention to the idea that there are plenty of geopolitical concerns out there as well, so it all lines up quite nicely to see the gold market go higher. All things being equal, I think this is a situation where short-term pullbacks will almost certainly attract quite a bit of interest, especially near the $2440 level, if we were even able to break down that far.
All things being equal, this is a market that I think continues to see a lot of choppiness, but overall, we continue to find buyers in the gold market, and I think that will continue to be the way this market behaves. Quite frankly, I don't even have a scenario which I start selling gold anytime soon.
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