Gold Forecast 28/08: Upside Momentum (Video)

(MENAFN- Daily Forex)

• You can see gold has been a little bit positive during the trading session, but it has been very noisy as well.
• All things being equal. This is a market that I think is trying to do everything it can to grind a bit to the upside and eventually go looking toward the $3,500 level.

The $3,500 level is an area that has been a significant resistance barrier a couple of times and breaking above that really opens up the possibility of a much bigger move. In fact, I think if we get some type of daily close above the $3,500 level, then gold is really going to take off.

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Short-term pullbacks at this point in time will end up being buying opportunities, especially with the 50-day EMA underneath, offering support almost like a natural trend line over the last several months. As long as we can stay above the 50 day EMA, then it's likely that the market could go much higher. If we break down below there, then we could go looking at the $3,300 level, possibly even the $3,200 level.

Potential Measured Move

The measured move of the ascending triangle that we are hanging around in suggests that we could go $300 higher on a breakout above $3,500 to go looking to the $3,800 level. I have no interest in shorting gold. It looks like central banks around the world might be cutting. We've already seen New Zealand do it. And we've seen America suggest that they were getting ready to do so. And that generally can help gold.

EURUSD Chart by TradingView

Furthermore, we're in a massive uptrend. So, there's no reason to fight that. And I do think it will eventually, once traders come back from holiday, maybe next month, we'll see a lot of volume come in to push it to the upside.

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