Gold breaks out during the session on Wednesday

Gold markets broke out during the day on Wednesday, clearing the $1350 level to the upside, reaching towards the $1365 level. I think that if we can continue to go higher, it’s likely that we will probably go towards the $1375 level, and then eventually the $1400 level. If we can break above there, the market will be free to go in more of a “buy-and-hold” scenario. I like the idea of buying pullbacks and I believe that the $1350 level could be a significant support of level. There’s a lot of noise between there and the $1325 level underneath, offering a lot of support.

I believe that move is coming, but we need to continue to build up enough momentum to break out. That means we may get a few pullbacks between now and then, giving us an opportunity to take advantage of the market becoming “cheap.” On the breakout above, we could go as high as $1800, and then possibly even the $2000 level after that. The US dollar has its influenced as usual, so if it falls and loses a bit of value, I believe that the gold markets will rally. I think that the overall attitude of the market will continue to be positive, but it will take a lot of confidence to finally go to those lofty levels.

If we break down below the $1320 level, I think we could drop down to the $1300 level below there, which of course is a major support level. If we break down below that level, that could change everything, but I think it would take some type of major change in the overall attitude.

Gold Price Forecast Video 12.04.18