Gold Price Forecast – Gold Markets Continue to Look Bullish

Gold markets initially fell during the trading session on Tuesday but then turned around to show signs of life again. It looks as if we are trying to break above the $2000 level but quite frankly it is going to take a certain amount of work. With that being the case, I like the idea of buying dips but quite frankly I wish there were a bigger tip that I can buy into. We are going to see one of a couple of things happen here, we are either going to see a significant pullback that offers value, or we are going to simply kill time going sideways until we get an impulsive candlestick.

Gold Price Predictions Video 05.08.20

If it is the latter of the two scenarios, then I believe that what we are waiting for is a daily close above $2000 to start buying. The Federal Reserve continues to work against the value of the US dollar through its loose monetary policy, and I do not see that happening anytime soon. With that being the case, it is not until we break down below the $1800 level that I would consider shorting this market, or if perhaps the Federal Reserve started changing its overall attitude. I do not see that happening anytime soon, so it is very likely that we will continue to see plenty of buying opportunities and I am simply going to be patient enough to take advantage of them as they occur. Until something changes, shorting is not even a thought.

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