Gold Price Forecast – Gold Markets Continue to Find Buyers on Dips

Gold markets have pulled back several times over the last several days, but then turned around a bounce. The 50 day EMA sits underneath at the $1707 level, and then of course we have the $1700 level offering support. Underneath there, the $1675 level offers plenty of support. In general, the best way to play gold is to look for short-term pullbacks in order to pick up a bit of value, as the market has shown itself to be very resilient. After all, the gold market is a way that traders will use to express fear and let us be honest here: there is a lot to be concerned about right now.

Gold Price Predictions Video 18.06.20

The market has been in an uptrend for quite some time and was central banks around the world looking to continue loosening monetary policy, it is likely that gold will find plenty of buyers any time it offers something even wrote will close to value. With this in mind, I have no interest in shorting this market and even if we did break down below the support level underneath, I think the market probably finds a bit of a “floor” at the $1600 level.

And therefore, I think that is what determines the overall trend. If we can break out to the upside, the market goes looking towards the $1800 level, and then possibly even the $2000 level given enough time. With this, I think that market participants are eventually going to be able to break this market out, but it is going to take a lot of work to make that happen.

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