Gold Price Forecast – Gold Markets Bounce After Jobs FigureGold markets initially pulled back a bit during the trading session on Friday, but after the jobs report we saw the gold market bounce quite nicely. With this being the case, the $1550 level looks to be crucial.
Gold markets have initially pulled back a bit during the trading session on Friday, but then turned around to break back above the $1550 level. At this point, the market looks as if it is ready to try to continue the uptrend but there’s so much in the way of negativity that the market is likely to go back and forth and chop up trading accounts if you aren’t careful in this general vicinity. Ultimately, this is a market that looks like it will go higher over the longer term but that doesn’t mean that it’s going to be easy to hang on to the move. Quite frankly, you are probably better off buying short-term dips for short-term moves. To think that the market is simply going to rip through the top again is probably a bit of a stretch, considering we had seen such a massive pullback as of late.
Gold Price Predictions Video 13.01.20
Keep in mind that a lot of the selloff was due to the United States and Iran calming down tensions, and therefore it’s likely that we will see a lot of back and forth because there was such a huge position close near the $1600 level. If we can break above that level though, it’s likely that we will see this market go much higher. I do think that happens, but I think it’s a longer-term situation as we had gotten a bit ahead of ourselves. At the very least, we should probably continue to grind back and forth in order to build up the necessary momentum to go higher. When markets get overextended, they can either pullback or kill time to build up more pressure to continue the trend.
Please let us know what you think in the comments below