Gold markets have gapped higher to kick off the week, pulled back a bit to show signs of support again, and then rallied towards the $1800 level. That is an area that has been resistive in the past, and I do think that given enough time we will continue to go much higher, perhaps even reaching towards the $2000 level given enough time. This is a market that I think will eventually break out and show signs of explosive upward mobility as the central banks around the world continue to flood the markets with liquidity.
Gold Price Predictions Video 29.06.20
As central banks around the world kill their own currencies, that drives up the value of commodities, especially gold. If we do pull back from here, the market is likely to find plenty of support underneath at the $1700 level. That is an area that I think will continue to see buyers as well. At this point in time, I believe that there are plenty of buyers between here and there just waiting to get involved, and signs of support will be jumped on as it represents gold being cheap.
Furthermore, there are a lot of concerns that continue to be in the forefront of the trading community thought process, so I think gold has much further to go. It does not mean that we are going to see an explosive move straightaway, but I do think a longer term we will find plenty of buyers to continue to push higher. I have no interest in shorting gold, and it is likely that we will find most traders feel the same way.
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This article was originally posted on FX Empire
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