Gold Forecast 19/01: Pulls Back Ahead Of US Holiday (Chart)

(MENAFN- Daily Forex) It is possible that maybe we are just a bit overdone at this point, and a pullback might be necessary. Keep in mind that Monday is a Federal holiday in the United States.

• Gold markets pulled back slightly during the trading session on Friday, as we continue to see a lot of back-and-forth behavior and perhaps questions asked about the overall health of the gold market.
• It is possible that maybe we are just a bit overdone at this point, and a pullback might be necessary.

That being said, the pullback could very well end up being a buying opportunity. After all, we have a lot of support out there for gold at various levels underneath current trading. In fact, I'm very interested in gold near the $4,400 level.

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If we can break to the upside and clear the $4,650 level, then we could go looking to the $4,800 level. Gold has been bullish for a long time. I think at this point we have a situation where gold continues to move higher based on central banks collecting gold, and of course, the idea of central banks around the world either being loose with their monetary policy or somewhat stable Concerns and Technical Analysis

The geopolitical concerns continue in places like Iran and Ukraine, and of course, trade tensions all push gold higher. Beyond that, you also have the overall technical analysis, which has been bullish for ages, and now I think the $4,400 level, which was the top of an ascending triangle, is your floor.

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Speaking of the ascending triangle, it does suggest that we could be moving as high as $4,900. If we are going to do that, I find it very difficult to believe that gold won't eventually test the $5,000 level. This pullback should end up being a buying opportunity, but I'll be waiting for the market to drop and then bounce so that I can join the momentum back to the upside.

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