Gold chops slightly to the upside during Tuesday trading

Gold markets rallied during the trading session on Tuesday, reaching towards the $1340 level before pulling back slightly. The market looks likely to find buyers underneath, in a bid to find value. I believe that the $1350 level will be the target, but I believe we will eventually break above there and continue to grind towards the $1375 level. Longer-term, I believe that the market will continue to try to reach the $1400 level, which is a crucial level on the longer-term charts. If we can clear that level, the gold market is very likely to go looking towards the $1800 level, followed by the $2000 level.

Pullbacks continue to offer plenty of value, and I believe that the $1325 level should be supportive. I don’t have any interest in shorting gold, and I recognize that it will be very volatile because people are so concerned about the problems between the United States and China, which of course affect global trade. Of trade wars the last thing anybody wants, so riskier assets such as the precious metals markets are highly influenced by what happens there. I would add slowly, and then perhaps try to take advantage of a longer-term move once it finally happens. The volatility in this market will continue to be an issue, but if you are keeping a small enough position, you can ride it out and take advantage of what will eventually be a strong move to the upside.

Gold Price Video 11.04.18