Gold markets continue to look Very Bullish and have done over the last several weeks, and it looks as if the market is trying to get to the 1600 psych mark. The 1600 mark offer lots of resistance, if the weekly candlestick and close above 1600, then the price is likely to go much higher.
Short-term pullbacks should continue to find plenty of support at 1550 as the 50 Day EMA is getting reaching to that area.
Gold Price Predictions Video 18.02.20
I am look at this market from the POV of an ascending triangle it is yet another reason the technical analysts is Bullish.
Traders continue to look for value in this market, and at this point it is hard to imagine a scenario where we should be selling gold as central banks around the world continue to loosen monetary policy.
And there is still a lot of concerns when it comes to coronavirus and global slowdown issues, so there are lots of reasons why gold should drive North in here.
Have a terrific week