Gold Price Forecast – Gold Markets Spiked AgainGold markets spiked during erratic trading on Tuesday to reach towards the $1700 level much quicker than anyone could have imagined.
Gold markets have shot straight up in the air on Tuesday, reaching towards the $17 level. The size of the candle is quite impressive, and it does suggest that perhaps demand for gold is starting to pick up again quite drastically, but one thing that is worth paying attention to is that the $1700 level has offered a massive amount of resistance. By pulling back the way it has, it looks likely that we are going to continue to see the $1700 level respected, at least initially. With that in mind though, it certainly looks as if the markets have made a pretty significant move towards it.
Gold Price Predictions Video 25.03.20
I believe that there are several areas that could come into play for support, not the least of which would be the $1600 level. Alternately, if the market breaks above the $1700 level, then it’s likely that the market goes looking towards the $1750 level, and then eventually the $1800 level. I do like the idea of gold longer term but obviously it’s very difficult to hang on to this type of volatility if you have a huge position. Adding little bits and pieces at the goes along in your favor is the best way to go forward.
All things being equal though, the one thing you should pay attention to is the fact that we have gone straight up in the air like this, and it’s difficult to keep up this type of momentum. That doesn’t necessarily mean that we can’t go forward or higher, but pullbacks are probably going to be necessary. If you can wait on value, you should be rewarded. You certainly can’t jump in with both feet at this point, because you would be “paying up” for the trade.