Gold Price Could See Sudden Meltdown, While Attempting $2000 Level

August 2, 2020

New York (Aug 2)  Gold Futures have formed a ‘Golden Saucer’ in a monthly chart, and currently, surface-tension due to overflow could push Gold Futures out of the ‘Golden Saucer.’

There is no doubt that Gold Futures are still in an uptrend, but a Fed-induced pullback could trigger profit-taking towards the $1,940 region. If the Gold Futures do not break the $2000 level after the dust settles from the Fed policy meeting, bullion traders may tentatively want to run for the sidelines.

On the other hand, the prevailing weakness in the dollar could continue to provide strong support to bullish sentiments in Gold during the upcoming weeks.

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