Gold Price Forecast – Gold Markets Continue to Grind
Gold markets have gone back and forth during the trading session after initially opening up higher on Wednesday, as we await the FOMC statement and announcement. The $1900 level underneath offered significant support during the previous session, and now could be thought of as a short-term floor in the market. I do not know that it holds though, but I am pretty confident about $1800 holding. I realize these are wide ranges but quite frankly the gold market has been out of control as of late. Because of this, I think it is only a matter of time before the markets try to find some type of reason to go higher but a pullback would make them much more affordable.
Gold Price Predictions Video 30.07.20
The 50 day EMA is currently sitting at the $1800 level, an area that had been previous resistance. At this point I think that there would be plenty of buyers in this vicinity, as there would be a lot of people who missed out on the original trade that would be more than willing to get involved. Because of this, I think that there is a great trade waiting to happen, but we need some type of reason for gold to pull back.
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Just above, we have the $2000 level which of course is going to cause some issues, but ultimately, I think we will break through there and go much higher. The US dollar is on its back foot for a reason, and that should continue to be the case. There might perhaps be a little bit of jitters around the FOMC announcement, but after that we should get buyers again.
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