Gold markets have rallied significantly during the trading session on Tuesday, reaching towards the $1785 level, but has seen a little bit of a pullback from there. If we can break out above the top of the candlestick then it is likely that we will go looking towards the $1800 level. The $1800 level has been significant resistance as of late, and if we can break above there then I think it is likely that we could go looking towards the $2000 level over the longer term.
Ultimately, I believe that the market is likely to see a lot of pressure in both directions, but eventually we will break out to the upside. After all, there are a lot of concerns when it comes to a geopolitical tensions between the United States and China, the coronavirus situation, and of course the fact that central banks around the world are so loose with monetary policy.
Gold Price Predictions Video 24.06.20
To the downside, I believe that the $1750 level should offer significant support, but I do not think it is the “be-all and end-all” of support. After all, it is likely that we will see buyers all the way down to at least the 50 day EMA, if not the $1700 level. That being said, I do not think that we break down from here and if we do there will be plenty of value hunters willing to jump all over that type of scenario. After all, it is hard to imagine that gold will go higher with the massive amounts of debt that we are seen around the world.
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