Gold Price Forecast – Gold Markets Continue to Look StrongGold markets went back and forth on Monday, reaching towards the $1800 level but it looks like we still have the same resistance in that region.
Gold markets went back and forth during the trading session on Monday, as we continue to see a lot of back and forth in this market overall. However, we do have more of an upward trend, so I certainly do not have any interest in trying to short gold. The $1800 level above should continue to be massive resistance, but if we can get a daily close above that level, we could then start to see the market take off to the upside, perhaps reaching towards the $2000 level over the longer term.
Gold Price Predictions Video 07.07.20
To the downside, I think that the $1765 level is significant support that extends down to the $1750 level. The 50 day EMA is also just below there, and that is an area that I think should continue to cause quite a bit of support due to the fact that it has historically been so, and of course it is a widely followed technical indicator. After that, we have the $1700 level that offer support, so I do think that the market is likely to continue to find plenty of buyers.
At this point in time, I buy dips and I do not short this market although I do recognize that the market is probably going to continue to find trouble above at the $1800 level. I think that every time we pull back after rising towards that area we have continued to chip away at the resistance, and it is only a matter of time before gives way due to plenty of central bank monetary policy and of course the whole host of potential negative headlines out there.
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