Gold Price Forecast – Gold Markets Continue to Reach for Higher Levels

Gold markets rallied during the early hours on Monday, but it is worth noting that we have given back quite a bit of those gains. I think at this point we are trying to figure out where were going longer term, but I certainly think that the bullish pressure that we have seen as of late suggests that we are going to eventually make the breakout.

The $1850 level should offer a target, and then eventually I think that the longer-term target is going to be the $2000 level. It is going to take quite a while to get there though, as it seems like we have a whole plethora of reasons to go higher, but we also have a massive amount of selling pressure occasionally, and it certainly looks as if we are probably going to simply hang around this area for a while until we can figure out when we are comfortable enough to go to the upside.

Gold Price Predictions Video 14.07.20

To the downside, I believe that the 50 day EMA approaching the $1750 level will offer a significant amount of support. The market has been in an uptrend for quite some time, so I think it is only a matter of time before we continue that. I look at the idea of pulling back as an opportunity to pick up a bit of value in a market that is decidedly bullish longer term. Central banks around the world continue to flood the markets with money, so it does make sense that we will eventually see gold take off to the upside.

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This article was originally posted on FX Empire

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