Gold Price Forecast – Gold Markets Reaching Towards Major Round Figure

Gold markets have fallen rather hard during the trading session on Monday to kick off the week, reaching down towards the $1700 level. At this point, the market has reached towards a large, round, psychologically significant figure, which of course always attracts a certain amount of attention. Ultimately, I think that the market will probably continue to see buyers underneath, perhaps extending down to the $1675 level. I believe that there is plenty of support in that general area, so I would be looking for some type of bounce in order to take advantage of “cheap gold.”

Gold Price Predictions Video 16.06.20

However, if we break down below the $1650 level it is likely we will go looking towards the $1600 level where I expect to see support based upon the 200 day EMA. That being said, gold obviously has a certain amount of attraction due to the fact that it is the so-called “safety trade”, and therefore I think that with everything that is going on right now there is a good chance for something to cross the wires in order to start spooking traders again. That being the case, I remain cautiously optimistic, but I am willing to wait for value in order to take advantage of gold dropping. I have no interest in selling gold anytime soon, as I do think that the case for safety remains extraordinarily strong right now, and that will of course continue to be one of the main drivers of the market as per usual.

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