Gold Price Forecast – Gold Markets Get Hammered After Vaccine News

Gold markets have reached towards the crucial $1850 level again, an area that I suggested previously was important support. Now that we are slightly bouncing from there it will be interesting to see where the market goes next. After all, the idea of a vaccine that has a 90% success rating of course could change everything for the world but at this point in time the question is not so much whether or not the vaccine works, but whether or not gold still has some type of value attached to it?

Gold Price Predictions Video 10.11.20

There is a high probability that something comes along to push gold higher given enough time. Central banks around the world looking to flood the markets with stimulus would be reason enough under normal circumstances, and it should be noted that perhaps some of this that we have seen during the trading session on Monday could be thought of as a bit of a “knee-jerk reaction.” To think that the world is suddenly a much safer place and that we have no issues whatsoever is naïve to say the least, even though this is very good news.

The US dollar could very well strengthen and push the gold markets lower for a while, but it will more than likely only be a matter of time before buyers come back in and pick up value. Remember, we are in a longer-term move to the upside and gold for or a reason, and that something that should not be forgotten. I think at this point in time it is crucial that you remember that the world as far from being healed.

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