Gold Price Forecast – Gold markets pulled back rather significantly
Gold markets have pulled back rather significantly during the trading session on Wednesday, as we have broken below the shooting star from the previous session. That doesn’t necessarily mean that we should start selling drastically, but it means that we are testing the $1400 level. At this point, I believe it’s only a matter time before gold rallies, but we need to drop and offer enough value for people to jump back in. It’s obvious that the uptrend is shown, especially with the Federal Reserve looking to cut several interest rates.
Gold Analysis Video 27.06.19
Looking at this chart, it’s obvious that the market tends to move based upon every $25, and I have this marked out on the chart. There should be plenty of buyers at each of these levels and now it’s simply our job as traders to identify support candles in those areas. The $1350 level underneath should be massive support, as it was massive resistance previously. Quite frankly, gold has been undervalued for a long time, and now it’s going to go looking for higher levels. I do think that it’s only a matter of time but a couple of days of stability or perhaps even selling pressure is needed to get involved in the futures markets.
If the US dollar spikes, and it could based upon several other currencies, that could provide the downdraft that we need to get that value in this market. However, all central banks around the world are looking to ease from what it appears, and that of course helps the precious metals markets in general.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
