Gold Price Forecast – Gold Markets Pulled Back Slightly After Rising

Gold markets continue to go higher, and I think it’s only a matter of time before we find some type of value on a pullback. The $1700 level underneath should be an area where a lot of buyers will be interested, because quite frankly this is a market that continues to have a lot of interest in it, as there is a need for safety for asset managers and investors out there. Having said that, the US dollar is strengthening so that does slow down a bit.

Gold Price Predictions Video 17.04.20

The one major downside that I could see to the gold market might be the fact that the traders out there might have to sell gold contracts that they own in order to raise cash for margin calls in the other markets out there. Ultimately, I think that there is a massive amount of support at the $1700 level, extending down to the $1680 level. The 50 day EMA underneath would probably offer support as well so I don’t have any interest in shorting gold, but what I do look for is a pullback in order to pick up a bit of value. Longer-term I believe that this market goes looking towards $1800 and eventually the $2000 level given enough time. Be cautious about how big your position is, but you need to build it up over time. I think longer term though we will continue to see a lot of bullish pressure due to the central banks out there liquefied markets, and of course the massive global concerns out there.