Gold Price Forecast – Gold Markets Continue To Find Resistance at Same Level

Gold markets rallied a bit during the trading session on Friday, reaching towards the $1700 level before pulling back a bit. At this point, the market pulling back like that suggests that we could be forming a short-term double top, but I do like the idea of buying gold underneath. The $1600 level underneath should offer significant support, assuming that we get anywhere near there. We are already starting to see signs of support at the $1650 level as well, so we may not even drop that far.

Gold Price Predictions Video 09.03.20

This more than likely would have a lot to do with the idea of traders in the European theater taking profits as they go home. After all, the market is full of risk right now, and is very possible that people are preferring to go back into cash as we head into the weekend with plenty of headline opportunities out there to cause chaos. Nonetheless, the gold market is most certainly bullish, so selling isn’t even a thought right now. At this point in time, the 50 day EMA underneath continues offer support as well, and it is approaching the $1600 level.

If we do turn around a break to the upside, the $1700 level will be supported going forward as the market then goes looking towards the $1800 level. That has been my longer-term target for some time, so keep in mind that this is market is certainly looking to go to the upside. Look for value and then take advantage of it.