Gold Price Forecast – Gold Markets Rally Yet Again
Gold markets have rallied quite nicely during the trading session on Thursday, reaching towards what could be thought of as a downtrend line. Nonetheless, the market has been bullish for some time and I do believe that it is probably only a matter of time before gold goes looking towards the $2000 level. That being said, the market probably will continue to face a lot of resistance in that area, so this ultimately probably will bring in quite a bit of selling yet again. However, if we break above the $2000 level, it is likely that the market can go looking towards the $2100 level.
Gold Price Predictions Video 11.09.20
To the downside, it is very likely that the market will go looking towards the $1900 level for support, and of course that minor uptrend line that I have marked on the chart. If we do break down below the $1900 level, it is likely that the market goes looking towards the $1800 level after that, which is even more structurally important from the past, as it was the scene of a major breakout previously. All things being equal, I think that is essentially the “floor in the market” that we have right now.
Gold tends to be volatile but with a bit of proper position sizing, you should be able to navigate what longer-term looks to be an uptrend. It is not until we break down below that $1800 level that I would be a seller of gold, something that we are nowhere near right now, so this is a scenario where I am either flat, or I am long.
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