Yahoo Finance Gold Price Forecast – Gold Markets Continue Parabolic Move
Gold markets have rallied rather significantly again during the day on Monday, as we have cleared the $1900 level handily, and have even made a move towards the $1943 level early during the New York session. At this point, it should be obvious that the trend is to the upside and selling gold is all but impossible. With that in mind, I look at pullbacks as potential buying opportunities that I am more than willing to take advantage of. Those moves will be thought of as value plays more than anything else because it is difficult to imagine a scenario where the entirety of the market changes that quickly.
Gold Price Predictions Video 28.07.20
The Federal Reserve continues to print currency hand over fist, and that of course will continue to work against the value of the greenback. This never ending quantitative easing phase of the Federal Reserve is in has much further to go, because quite frankly the US dollar is historically expensive against many of the currencies around the world. While it looks like it might be almost impossible for markets to continue to rally against the US dollar the way they have, they have a long way to go when measured in terms of Euros, Pounds, and Yen. Gold is simply another currency and should be looked at as the same. While gold is at extreme highs, the reality is that gold priced and other currencies has been rallying for ages now, and it simply catching up against the US dollar at this point in time. I believe $1800 is now your “floor.”
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
