Gold Price Forecast – Gold markets pulled back for support

Gold markets fell during the trading session on Thursday, reaching down towards the $1400 level, an area that of course is a large, round, psychologically important level.
Christopher Lewis
Gold daily chart, June 28, 2019

Gold markets fell a bit during the trading session on Thursday, reaching towards the $1400 level. Ultimately, this is an area that should attract a lot of attention due to the fact that it is a big figure, an area that has been resistance in the past, and of course will possibly offer support. We are overbought, so the pullback was necessary and quite frankly the longer we sit in this area and essentially “kill time”, the better this area looks as a launching pad.

Gold Outlook Video 28.06.19

Even if we do break down from here I don’t have any interest in trying to short this market, because quite frankly I think there are too many pieces out there to the puzzle that suggest we could have a lot of trouble. We have the US/China trade tensions, which does feature negotiators meeting each other at the G 20 this weekend, we have the Brexit, and of course we have the global economic situation looking a bit soft. At this point, I think it’s only a matter time before we find buyers, and I will be looking at every $25 as a potential area of support.

Even if we break down to the $1350 level, I would still be a buyer because that’s an area that was so much massive support in the past as well as resistance. That was the scene of the gap, and essentially the 50% pullback from the most recent move to the upside. Quite frankly, this is a market that I have no interest in shorting so it’s a question as to whether or not I can buy it all away down at $1350, or if I have to wait for stability at $1400.

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