Gold Price Forecast – Gold Markets Testing Crucial Level AboveGold markets went back and forth on Wednesday as we reached towards the crucial $1800 level. At the end of the day it is obviously bullish.
Gold markets continue to be choppy and strong, so at this point it is likely that the markets are trying to find enough momentum to finally break out. The market breaking above the $1800 level would of course be a sign that we are breaking out and at that point in time I would fully anticipate that the market participants would get involved and start pushing even higher. I believe that the $1800 level being broken to the upside is a bit of a foregone conclusion, but we may not have the momentum to do it quite yet.
Gold Price Predictions Video 25.06.20
On a pullback, I would be interested in buying near the $1750 level, as it was a scene of massive resistance previously and it should be supported now. Even if we break down below there it is likely that the market goes looking towards the 50 day EMA for support yet again, and quite frankly I like the idea of getting involved in this general vicinity.
Overall, I do not have any interest in shorting gold because quite frankly there are far too many reasons for it to go higher. If it does in fact break out, I anticipate that the move above the $1800 level will be quite violent and sudden. Although a lot of people think that you need a soccer US dollar for gold go higher, that is not true at all and there have been entire decades were both have gone up or down at the same time. So, by all means do not get too hung up on that idea.
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