Gold Price Forecast – Gold Markets Show Resiliency During Chaotic Session

Gold markets initially pulled back during the trading session on Tuesday continues to work, and at this point it looks like but continues to see buyers on dips as gold is a safe haven that people are using when dealing with the coronavirus and everything else that’s going on around the news right now. Ultimately, buying these dips has continue to work in right now it looks as if the market is simply buying first and asking questions later. With that being the case, the market is likely to continue to see a lot of value hunting in a market that is very obviously bullish. To the downside, I anticipate that the $1600 level could be a bit of a “floor” for the longer-term trading.

Gold Price Predictions Video 26.02.20

We are at the outer edges of the Bollinger Band indicator, but at this point it looks as if we are willing to “walk the band higher”, which means that we will continue to find plenty of buyers even at these extended levels. Ultimately, we will either see the market continue to go higher or simply go sideways in order to kill time. If we do break down, then look at the $1600 level as a major support level that should be paid attention to. Ultimately, I do not have a scenario in which a willing to sell gold as I think the market has quite a few things to worry about right now, not the least of which will be central banks and their loose policy, but also the coronavirus which seems to continue to cause issues.