Gold Price Forecast – Gold Markets Rally Into the Weekend

Gold markets rallied significantly during the trading session on Friday, reaching towards the $1750 level. That is an area that extends all the way to the $1775 level, and once we get above there, then you could see a move towards the $1800 level. A break above the $1800 level opens up the door to the $2000 level could be the next move, and that is exactly what I would expect to see you. I like the idea of buying pullbacks because it offers value in gold, so that being said the market remains bullish.

Gold Price Predictions Video 22.06.20

Keep in mind that the 50 day EMA is currently trading around the $1710 level, an area that should offer support. Furthermore, the $1700 level is the significant support that we have seen more than once, and it extends down to the $1675 level. All things being equal, the market will more than likely continue to reach higher but given enough time we will see the occasional pullback that offers the trading opportunities you will be looking for.

I would not be a buyer of gold right here, because you will be buying into resistance. That being said, gold certainly should have a bit of a tailwind longer term due to central banks and of course all the concerns around the world when it comes to the coronavirus and economy is trying to open up, albeit slowly. I believe that the gold market will be one of the better trades in 2020 and 2021, so therefore I remain bullish.

For a look at all of today’s economic events, check out our economic calendar.