Gold Forecast January 31, 2019

#Gold markets rallied significantly during the trading session on Wednesday, as the Federal Reserve finally had is press conference. Now that it looks likely to remain soft for the foreseeable future, the US dollar has gotten beaten up. At this point, it looks as if Gold has gotten a little bit extended so I would not be surprised at all to see a bit of a pullback to offer value. The 20 day EMA, pictured in green on this chart, should offer a bit of dynamic support and I also think that the $1300 level now is essentially the short-term “floor” in the market. Longer-term, I still believe that there are plenty of traders out there that have missed this trade.

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