Gold Price Forecast – Gold Markets Gap Higher To Kick Off The Week

Gold markets gapped higher to kick off the trading session on Monday but gave back quite a bit of the gains to form a shooting star midday. At this point, it looks as if the market is going to be looking for a buying opportunity underneath, but a bit of patience may be necessary as we continue to see a lot of geopolitical tensions. Gold spiked immediately, but as we have not seen the Iranians react yet, there hasn’t been a lot to trade. Having said that, if and when the Iranians react, if it is something rather large it could send gold markets straight up in the air. It is because of this that I have no interest in shorting this market, but I recognize that you may get an opportunity to buy the metal at lower prices.

Gold Analysis Video 07.01.20

Gold markets will eventually reach $1600, and quite frankly there are far too many things out there to keep this market from being sold. Ultimately, this is a market that will be used as a safety asset and should be treated as such. There is massive support at the $1550 level, and perhaps even at the $1525 level. All things being equal, I am a buyer but there’s no reason to chase the trade. It’s very likely that market participants continue to see opportunities going forward, but they will be at lower levels, not higher. Having said that, if we were to break out above the top of the shooting star without a pullback, it would be an impulsive move that you would have to follow.