Gold Forecast: Continues to Build a Case for a Bottom Forex Trading
As long as we stay above the $1680 level, then it’s possible that we could see the market turnaround, at least for a short-term move. All things being equal, gold will probably continue to see a lot of interest, but that does not necessarily mean that we are going to rally right away and continue to shoot straight up in the air. I think this is a market that continues to be very noisy, but dips may offer buying opportunities.
I don’t necessarily think that’s going to be the case, but ultimately this is a market that will eventually find its footing, but rates are working against it right now. When you look at this chart, you should also keep in mind that sooner or later people will start to look at this as a potential safety play, and that of course in and of itself will have people looking at it.
Despite what you may have been told, both gold and the US dollar can rally at the same time in the right environment. Whether or not this is the right environment at the moment remains to be seen, but it certainly is an environment that is going to cause a lot of trouble going forward, so we may see both attract a lot of attention. In the short-term, US dollar is overbought so that might be reason enough for a short rally.
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