Gold Price Forecast – Gold Markets Continue to Attract Inflows

Gold markets rallied a bit during the trading session on Thursday as we continue to see a lot of selling pressure out there. Quite frankly, the market will continue to struggle with the idea of safety, and of course gold is one of the first places people look. With the US dollar kitten hit yet again, that also puts more upward pressure on precious metals in general. That being said though, I do think that even if the US dollar started to strengthen, it could very well be a safety thing, so therefore the gold market may completely ignore that as it had a couple of weeks ago.

Gold Price Predictions Video 28.02.20

Looking at this chart, I think the most obvious target is $1700 above, but quite frankly I think we break above there given enough time. Once we do, then the market is likely to continue going even further, perhaps reaching towards the $1750 level. Pullbacks at this point should continue to find plenty of value, especially with the $1600 level being an obvious area where we had previously seen resistance. The idea of “market memory” does make sense in this area, and it’s likely that the technical trading community will be paying close attention. I have no interest in shorting, and now it’s just a matter of finding some type of supportive area or little bit of a bounce in order to get involved. Value hunting is the best way going forward, as it allows you to buy an asset “on sale.” That’s cannot be any different here.