Gold Price Forecast – Gold Markets Continue to RallyGold markets have continued to rally during the trading session on Monday, as we see a lot of concern out there for a lot of different reasons.
Gold markets have rallied a bit during the trading session on Monday to kick off the week, with an eye on the $2000 level above which is massive resistance. I think at this point we need to pay attention to the crosswinds around the world to continue to cause issues, and with central banks around the world looking to loosen monetary policy, it should be good for gold over the longer term.
Gold Price Predictions Video 15.09.20
The 50 day EMA underneath is at the $1918 level, and I think at this point it is likely that the market will respect that going forward. Even if we do break down below there, I think that the $1900 level offers support. In the scenario that we do in fact break down below there, then the $1800 level will be a larger “buy-and-hold” area. It is very difficult to imagine a scenario where gold suddenly becomes bearish for any significant amount of time. After all, there are a lot of fears out there when it comes to the global economy as well, so with that being the case it is likely that we will see people look towards “hard money” such as gold and silver in order to protect their wealth.
Ultimately, this is a market that continues offer value on dips and therefore that is how I will trade this market going forward. If we can break above the $2000 level, it is likely that we then go towards the $2100 level, perhaps even breaking above there and looking towards the $2500 level which is my longer-term target.
For a look at all of today’s economic events, check out our economic calendar.