Gold Price Forecast – Gold Markets Break Out

Gold markets have broken higher during the trading session on Tuesday, reaching towards the $1850 level. By doing so, the market looks as if it is ready to continue going higher towards my target of 1850 for the short term, and the $2000 level over the longer term. I do believe that ultimately, we are looking at a scenario where the central bank easing of monetary policy will continue to be a major driver, and therefore it is obvious to me that precious metals should continue to climb.

With that being the case, I think that it is only a matter of time before we reach towards the $2000 level, but it may take a couple of months to get there. After all, that is a relatively significant move but with it being such a large, round, psychologically significant figure, I find it a bit difficult to believe that we wanted least to try to get there.

Gold Price Predictions Video 22.07.20

It is hard to imagine a scenario where central banks around the world change their overall attitude, so until that is the case, I do not really see an argument for gold falling for anything more than a quick dip. Those dips should continue to offer plenty of value, and I do think that a lot of traders are out there waiting for that to happen. I believe that the $1800 level right now is going to be the “floor” in this market, and therefore there would be plenty of buyers in that area that take advantage of “cheap gold.”

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