Gold Price Forecast – Gold Markets Continue to Find Support at Same Level
The gold markets pulled back a bit during the trading session on Thursday, reaching towards the $1700 level. The $1700 level of course is an area that will attract a lot of attention, especially as it had been massive resistance previously.
Gold markets initially pulled back during the trading session on Thursday but found enough support just above the $1700 level to show signs of support. This is an area that has previously been resistance, and therefore should offer a bit of support. That being said, I do think that we continue to go to the upside and I also recognize that there is a significant amount of support that extends down towards the $1680 level. Furthermore, the 50 day EMA is sitting just below there and it does make quite a bit of sense that it could offer dynamic support as it is so heavily followed by technicians around the world.
Gold Price Predictions Video 01.05.20
Central banks around the world can continue to throw money at the market, and that will continue to push gold higher due to people trying to protect their wealth. The ECB has joined in the fray on Thursday, and now it looks as if we should continue to see plenty of buyers on dips and gold as it continues to show value. You can even make an argument for a bit of a symmetrical triangle, which could open up a move all the way to the $1900 level. Furthermore, I believe that this market will eventually go looking towards the $2000 level and beyond with all of the printing that is going on around the world. That being said, pullbacks offer value and that is how I continue to look at this market for the foreseeable future as I cannot make a bearish case.
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