Gold Price Forecast – Gold Markets Go Back and Forth

Gold markets have gone back and forth during the course of the trading session on Tuesday as we are struggling just below the $1950 level. If we can break above the top of the $1950 level, then the market looks likely to go looking towards the $2000 level. The $2000 level of course is a large, round, psychologically significant figure but at this point in time I do think that we will eventually slice through there as well. The US dollar has been shrinking, and I believe that it is only a matter of time before the market takes out to the upside.

Gold Price Predictions Video 06.01.21

Pulling back at this point in time should find plenty of support underneath at the $1900 level. That also coincides with the downtrend line that we just broke out of, but there is a little bit of a gap down there that traders may be looking to fill. I would be more than willing to start buying as I do believe that the longer-term move in the gold market will continue to go to the upside. The candlestick from the Monday session close that the very highest, and that typically means that you will see some type of follow-through.

All things being equal, this is a market that I think continues to find plenty of buyers, and therefore I do not have any interest in shorting whatsoever. Gold will more than likely be a strong performer for the rest of the year, so given enough time I think that those who are willing to buy dips will make out quite well.

For a look at all of today’s economic events, check out our economic calendar.