Gold Forecast Today 18/10: Bullish Momentum (Chart)
Date
10/18/2024 4:31:19 AM
(MENAFN- Daily Forex)
In my daily analysis of the Gold markets, the first thing that comes to mind is that we have just broken out. This obviously is a very bullish sign, and I think that gold markets continue to be one of the best things to be involved in at the moment, because there are so many different things out there that could propel this market higher. I struggle to think of reasons for the gold market to turn around, and this might be one of the better performers between now and the end of the year.
Technical Analysis
The technical analysis for this market is very bullish, and the fact that we have broken above the $2685 level is a very bullish sign. At this point, we have just made a“fresh new high”, and therefore it shows that there is even more bullish pressure out there. Ultimately, I think this is a market that will continue to go much higher, perhaps reaching the $2800 level. The main reason I say $2800 is that the market has been forming a bullish flag until a couple of days ago when we broke out of it. The so-called“measured move” allows for a move to the $2800 level.
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Short-term pullbacks at this time will of course attract a lot of attention, and it's worth noting that the 50 Day EMA is sitting just below the $2600 level, which of course is an area we had bounce from previously. Because of this, I think there's a real shot that traders will come into the market and pick up gold if it does drop down to that level. There's nothing on this chart that suggests we cannot get to the $3000 level eventually, and that is my target.
There are a ton of reasons to think that gold will continue to go higher based beyond the technical analysis, so therefore I think you also have to look at the fact that central banks around the world continue to buy gold, and of course interest rates continue to drop. There are plenty of geopolitical concerns as well, so it all lines up for a bullish move from here.
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