Gold Price Forecast – Gold markets get hammered on Friday

Gold markets pulled back from the $1300 level, an area that of course is a major resistance based upon the psychology of the figure regardless. The longer-term charts look as if they are trying to consolidate between the $1200 level on the bottom, and the $1400 level on the top. The volatility of the Gold markets were of course heavily influenced by the jobs figure, and then of course Jerome Powell speaking during the day. It looks as if the Federal Reserve is going to be a bit more flexible about its approach than previously stated, and that of course has thrown a monkey wrench into the gold market.

Gold Price Predictions Video 07.01.19

From a structural standpoint, and let’s face it that’s probably all we can deal with right now, there is a lot of support at the $1275 level. The 20 day EMA is just below should offer dynamic support as well, and of course the $1250 level. Ultimately, I think that we will get a nice buying opportunities if you are patient enough we probably will see a bounce, or perhaps some type of hammer that we can take advantage of. I think that gold is going to offer a bit of value over the next couple of days, so if you enter slowly, you could take advantage of this pullback, as I suspect many of the larger traders out there are doing. If the US dollar strengthens drastically though, then you could see gold pullback even further.