Gold Price Forecast – Gold Markets Continue Ascent

Gold markets continue to rally significantly during the trading session on Thursday, as we are approaching the $1900 level. That is a large, round, psychologically significant figure that people will be paying attention to, and therefore I think it should create some type of reaction. With that being the case I like the idea of buying pullbacks and clearly, we cannot be sellers of gold as it is one of the strongest markets out there. With the Federal Reserve looking to crush the US dollar one way or another, it is a difficult proposition to expect gold to break down significantly. However, markets do not move in one direction forever, so I think it is only a matter of time before we get a value trade.

Gold Price Predictions Video 24.07.20

The $1850 level begins a significant area of interest for me, that extends down to the $1800 level. We may have to touch the $1900 level before we get that pullback, but ultimately this is a market that will eventually have to pull back in order to find buyers. Eventually we will see the pullback that offers value, but until then all you can do is sit here and wait for some type of value that you can take advantage of. We have gotten a bit parabolic, so do not be surprised at all if this market pulls back rather rapidly. The GVX, or gold volatility index, is starting to rise, so we could see a bit of a significant move to the downside. This is not a shorting opportunity; this will simply offer value that you can take advantage of when it happens.

For a look at all of today’s economic events, check out our economic calendar.