Gold markets went back and forth during the trading session on Thursday, showing the $1650 level to be a bit of a magnet for price. As the market continues to bounce around between the $1600 level on the bottom of the $1700 level on the top, I think this is going to be “Ground Zero” for the deciding of the future trend of the market. At this point, if we can break above the $1700 level, then it’s likely that we will extend gains towards the $1800 level, possibly even the $2000 level eventually. I do like gold in general, so this is the scenario that I favor. After all, central banks around the world are flooding the markets with liquidity.
Gold Price Predictions Video 27.03.20
That being said, we could pull back from here and reach towards the $1550 level. This is an area that has been important in the past, showing signs of support as well as resistance. I think there would be a lot of interest in the gold markets at that area. If we break down below there, then we go crashing back towards the $1450 level, something that I don’t anticipate seeing based upon the last 45 candlesticks. That being said, you should also keep in mind that anything can happen, as we are trading more or less on the latest headline than anything else. That will continue to be the way this market moves, at least in the short term as everybody worries about the coronavirus and what it’s doing to the overall global economy.
This article was originally posted on FX Empire
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