Gold Price Forecast – Gold Markets Pull Back From Major Resistance
Gold markets tried to rally a bit during the trading session on Thursday, but then reached the $1750 level, an area that continues to cause issues. Ultimately, this is a market that has been in a range for some time, and I think at this point it is likely that we will continue to go back and forth. Ultimately, the $1750 level offers significant resistance that extends to the $1775 level.
Underneath, the $1700 level is supportive and extending down to the $1675 area. Even if we did break down below there, I do not think that it is necessarily a market that you can sell, because quite frankly there are far too many reasons to think that gold will continue to climb. After all, there is a significant amount of concern when it comes to global growth, and that of course could have people looking to protect their wealth.
Gold Price Predictions Video 19.06.20
Central banks around the world continue to ease monetary policy, and that is normally a strong sign for the gold market. After all, it is a way to protect devalued currency. Underneath, I think there is a significant amount of support near the $1600 level. That area also features the 200 day EMA, so it makes quite a bit of sense that we would find buyers there as well. Quite frankly, I would look at that as a value play unless of course we see some type of major shift in the overall attitude of traders and of course more importantly central banks and economies.
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