Gold Price Forecast – Gold markets gap higher

Gold markets have gapped higher again to show signs of strength on Wednesday, reaching towards the highs again. However, we have pulled back to form a bit of a shooting star as we head into the July 4 trading session, which of course will be shortened due to the US holiday and very illiquid. At this point it’s likely that we will see a drop to fill the gap eventually, and at this point I think that the market is going to continue to struggle to find clear directionality, as we also have a gap underneath at the $1350 level that hasn’t been filled.

Gold Prices Video 04.07.19

All of that being left alone, am bullish of gold but I would like to see a pullback in order to offer a little bit of value. We may get an opportunity to see that on Friday as it is the jobs number in America, and that could give the US dollar significant move. As the US dollar rallies, gold should fall, and of course vice versa. This doesn’t have to be the way it works out, but the reality is that quite often it does.

To the upside, the $1450 level is a significant barrier, and if we can break above that level then the market could go looking towards the $1500 level. Pullbacks from here should have support to be found that the $1400 level underneath. I anticipate that the next couple of days could be erratic but right now it looks as if we are trying to find a bit of support and a bit of footing.

Please let us know what you think in the comments below