Gold Price Forecast – Gold Markets Continue to Press Top of Triangle

Gold markets continue to show plenty of wherewithal, pressing the top of the triangle in general. If the market was to break above to the upside, perhaps clearing the $1765 level, then it will more than likely go looking towards the $1800 level. On the other hand, if we pull back, then we simply go to the inner part of the triangle yet again. The market is likely to continue to see a lot of volatility, and choppiness to say the least. The 50 day EMA sits just below the bottom of the triangle, but it should offer plenty of support. Because of that, it is likely that the market will continue to see buyers of dips going forward, as it should offer plenty of value hunting.

Gold Price Predictions Video 03.06.20

If we break above the $1800 level, then it is highly likely that the market will then go looking towards the $2000 level over the longer term. That is my base case scenario, but I also recognize that we need to pick up a bit of momentum in order to finally break out, so although it is my base case, I would prefer to pick up value below. I think all things being equal it is likely that the market is going to see plenty of reasons for gold to go higher, so this of course is something that should be paid attention to as well. I have no interest in trying to short this market, I believe that there are plenty of reasons for central banks to continue to liquefy the markets, thereby driving down the value of fiat currency in general.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

• Daily Gold News: Tuesday, June 2 – Gold Going Sideways After Last Week’s Advance

• Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

• Gold Price Forecast – Gold Markets Continue to Press Top of Triangle

• Gold Price Prediction – Prices Slump Despite a Drop in the Greenback

• GBP/USD Price Forecast – British Pound Continues to Reach Towards 200 Day EMA

• Natural Gas Price Prediction – Prices Rebound but Remain Despressed