Gold markets rallied again on Monday after pulling back ever so slightly. The market is likely to go looking towards the $1820 level, and then possibly beyond.
Gold markets have rallied a bit but then pulled back to show signs of support. By doing so, the market is likely to go looking towards the $1820 level. At this point in time I think it is only a matter of time before we go looking towards the highs again, and then eventually the $1850 level. By breaking above there, then the market is likely to go looking towards my longer-term target of $2000, but now it is probably going to take a certain amount of time to get there.
Gold Price Predictions Video 21.07.20
Looking at this chart, it is obvious that the $1800 level is going to cause a certain amount of support, as it was previous resistance. At this point in time, it is only a matter of time before the buyers come in and try to pick this market up again based upon the quantitative easing that we see out of central banks around the world. Ultimately, this is a market that I think will continue to go looking towards that high again, and then of course the $2000 level and I think even if we were to break down a bit from here, the $1750 level would be significant support.
All things being equal, were in an uptrend and there is no need to fight that, as the market has decided the correct direction, so therefore it is our responsibility to follow right along. I do not see any fundamental reason why gold would lose value, and if it does it will simply become “cheap” and a bit of a value play at that point.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.