Gold Forecast: Continues to Look Very Bullish Forex trading
I think that given enough time, the gold market will probably go looking to the $2000 level, which is a large, round, psychologically significant figure, and an area that previously had been important. The $2000 level will attract a lot of attention, but ultimately, I don’t know that means anything other than a bit of psychology coming into the picture.Pullbacks now will be potentially attracted to value hunters, and people like me who are more swing traders.
A lot of this comes down to wealth preservation, and not necessarily interest rates, so I would not worry too much about the bond market. After all, gold started to rally long before interest rates cool down drastically, so this is a situation where we are probably paying attention to the US dollar more than anything else as it has cooled off.
Regardless, this is a chart that’s obvious, and there’s no need to try to get too cute with this as you should have plenty of opportunities to pick up value given enough time. At this point, patience is the name of the game, and therefore waiting for more value is probably going to be the best way going forward, and that means lower prices.
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