Gold Price Forecast – Gold Markets Rallied During The Trading Session on Thursday

Gold markets have been a bit all over the place during the trading session on Thursday as we head into the jobs figure on Friday. With central banks around the world looking to cut rates it’s likely that gold will continue to get a bit of a boost. I do believe that it is only a matter of time before we break above the $1700 level, offering an opportunity to see gold markets break out even higher.

Gold Price Predictions Video 06.03.20

Gold of course has a safety element to it, and the markets certainly are looking that at the moment. The markets have been thrown around by the coronavirus situation, and that of course will be one of the main issues when it comes to the markets as the headlines continue to dominate news flow. Ultimately, I do believe that it will pull back a bit as far as the risk appetite is concerned, and then we will start to focus on the fact that the Federal Reserve is most certainly forced into a situation where they are going to have to cut by another 50 basis points.

With the recent swings in volatility for stock traders, it makes sense that the gold markets have seen a lot of pressure. The 50 day EMA is just below, offering a lot of longer-term support as well. The markets will continue to offer a ‘buy on the dips’ scenario, and this is how I plan on trading it.