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Gold Forecast: Gold Continues to Shine

  • The gold market rallied quite significantly during the early hours on Thursday, as we continue to demand quite a bit of support of the $2300 level.
  • Quite frankly, the bond market seems to have caught on to the idea that perhaps interest rates aren’t necessarily going to spike from here, but that doesn’t necessarily mean that they are going to collapse.
  • In other words, if we get a quiet bond market in America, it does help the gold market overall.

Gold Forecast Today - 28/06: Gold Continues to Shine (Chart)

The daily Gold forecast continues to be range bound in general, and I do think we have a situation where breaking above the 50-Day EMA was a very bullish sign, and at this point I think that the market will continue to look at this through the prism of finding dips and value every time we pull back. Pullbacks should continue to attract a lot of attention just due to the fact that there are a whole plethora of reasons for gold to be bullish. It’s not just in the bond market, quite frankly I can give you a list that would take up this entire article.

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    Gold Should Continue to Be Desirable

    Gold markets should continue to be desirable ways to express monetary policy decisions and of course the overall malaise that we find the markets globally dancing around. After all, there are a whole litany of geopolitical issues out there that are worth paying attention to, and the gold market is quite often a place where people go looking to hide out.

    Furthermore, we also have central banks around the world buying gold hand over fist, such as Russia, China, and even other Asian central banks. After all, Western banks seem to be ignoring this phenomenon, but this tells me that there is something on the way. While the United States borrows $1 trillion every 90 days, it appears that China and others are trying to prepare for some type of economic trouble. After all, the more gold you hold, the more solid your monetary situation is in times of concern.

    Let’s not forget about war. War is just about everywhere. There is a lot of political stability being eroded, as we had seen during the previous session. There was a coup d’état in Bolivia, and of course people had stormed the legislative branch in Kenya due to tax hikes. And then there’s that whole situation in Ukraine in the Middle East. In other words, we are most certainly living in dangerous times.

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

     

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