Gold Price Forecast – Gold Markets Pullback Again

Gold Price Forecast – Gold Markets Pullback Again

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Gold markets initially tried to rally during the trading session on Thursday and then have pulled back a bit towards the $1750 level. That being said, the market should find plenty of buyers underneath. Ultimately, the market is likely to find buyers and at the first sign of a bounce cannot be willing to buy gold. After all, the gold markets are in an uptrend, and that has not changed anytime soon. The $1800 level has offered a bit of resistance but ultimately, we will break above there as central banks around the world continue to cause major issues.

Looking at the chart, we have a massive amount of support at the $1700 level that extends down towards the $1675 level. That being said, the market is likely to find plenty of buyers on these dips and therefore that is the only player I see here: buying dips. Given enough time, the market will break above the $1800 level and go looking towards the $2000 level.

With all of this, there should be plenty of buyers looking for safety as there are a ton of geopolitical situations out there that could cause issues. Between that and central banks flooding the market with liquidity, it is likely that the fiat currencies out there will continue to cause bits and pieces of issues. At this point, there is just no reason to be thinking about shorting this market, but a pullback should be thought of more or less as an opportunity. A bit of patience could go into this market and pick up a bit of value.

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