Gold markets have rallied during the bulk of the week, showing signs of strength as we continue to grind higher. There are plenty of geopolitical reasons to think that gold will go even higher, not the least of which will be tension between the United States and China. Pullbacks at this point should be thought of as potential buying opportunities as the market has been rather bullish for some time, especially as central banks around the world continue to loosen monetary policy.
That is typically exceptionally good for gold, and we have seen that well-known trade play out yet again. I think at this point it is likely that pullbacks all the way to at least the $1750 level should find plenty of buyers, so what I will be doing is looking for support of daily candlestick that I can take advantage of and start buying in the direction of the longer-term weekly candlesticks.
Gold Price Predictions Video 13.07.20
Longer-term I anticipate that this market probably goes looking towards the $2000 level above, something that will attract a lot of attention as it is a large, round, psychologically significant figure, but at the end of the day it would make sense to see the markets pull back from that $2000 level, which I think would be a major target for most traders. However, some analysts and pundits are starting to talk about $3000 an ounce as well. If that is going to be the case, then it is highly likely we will see quite noisy trading in general to the upside, so I look at dips as buying opportunities.
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This article was originally posted on FX Empire
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