Gold Price Forecast – Gold Markets Somewhat Sluggish

Gold markets have gone back and forth during the trading session on Tuesday as markets do not really know what to do next as far as risk appetite is concerned. With this being the case, it makes quite a bit of sense that the candlestick is essentially a neutral candle. I like the overall idea of buying gold, so therefore I am looking for bits and pieces of value at lower levels. I think that starts at the $1700 level extending down to the $1675 level in a $25 range of buying pressure. Ultimately, this is a marketplace that continues to see a lot of volatility but quite frankly there are so many things out there that could cause trouble I think it is only a matter of time before gold does break out.

Gold Price Predictions Video 17.06.20

If the market does in fact break down a bit from here think it is only a matter of time before we see buyers come into the market, especially near the $1700 level as it is such an important support level from a psychological standpoint, and of course will continue to attract a lot of order flow. Having said that, the market is likely to see a lot of volatility but a lot of “value hunting” underneath as well. I think at this point selling gold is all but impossible, because we have so much in the way of financial risk out there that it makes sense to have a certain amount of gold into the portfolio as it will protect from this risk and you also have to keep in mind that the Federal Reserve is crushing the US dollar anyway.

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