Gold Price Forecast – Gold Markets Continue to Grind Higher

Gold markets have rallied a bit during the trading session on Friday, as we reached towards the $1750 level. This is a market that has broken above a major downtrend line, so this should not be a huge surprise. That is an area where we have seen selling in the past, so although we have broken to the upside it looks highly likely that we will see a lot of pressure in this general vicinity. I think that buying pullbacks will continue to be the way going forward, as the market will offer bits and pieces of value and buying on the dips is going to be the way most prudent traders will be trading this market. That being said, if we did break out and above the $1760 level, then we could make a move towards $1800 but quite frankly I think it makes sense that we look for pullbacks to add to a core position.

Gold Price Predictions Video 18.05.20

Even if we were to break down from here, it seems to be very unlikely that we would see prolonged selling, because quite frankly there is far too much in the way of global uncertainty right now to think that gold suddenly is out-of-favor. I think given enough time, gold not only reaches $1800, but it could go as high as the $2000 level. Ultimately, this is a market that I like longer term and I believe that the rest of the world is simply going to jump along on this trend. The 50 day EMA underneath continues offer massive support as well, so is the best way forward. Looking for value is how I plan to go forward in this commodity.