Gold Price Forecast – Gold Markets Looking for Stability

Gold markets initially pulled back during the trading session on Monday, but then found support underneath the $1900 level, as we are forming more upward pressure. Ultimately though, this comes to the direction of the US dollar, which seems to be all over the place. Ultimately, this is a market that I think will continue to see a lot of noise, and therefore the choppiness will probably continue to be a major issue. With that being said, it is likely that the market will be difficult to trade, and I think you need to find more support in order to get long.

Gold Price Predictions Video 06.10.20

Underneath, I believe that the $1800 level is extreme support, as it is not only the round figure aspect, but it is also where we had broken out of previous resistance, so I think a lot of traders will be waiting there. Furthermore, the 200 day EMA is reaching that area. When you look at the chart, although this has been a nice pullback, you can also make an argument that we are trying to form either some type of bottoming pattern, or that we are in a down trending channel.

Either way, this is not a market that instills a lot of confidence right now, so I am going to take my time to get involved, and therefore I am looking for dips, perhaps even down to that $1800 level underneath. That being said, if we did break to the upside than I think the $1950 level could be the target. Either way, keep your position size small.

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