Gold falls on Friday but finds a bit of support at a vital level

Gold markets have fallen a bit during the day on Friday, but have found support near the $1320 level, an area that is very important to pay attention to. I think there is plenty of buying pressure in this area, but when I look at the longer-term chart it’s easy to see that we had formed a couple of hammers, and that of course is a bullish sign as well. The uptrend line has held, so that means that we will more than likely try to reach towards the upside, breaking out towards the $1360 level. If we can break above that level, the market is likely to go to the $1400 level after that, and clearing that level allows the market to make a move towards the $1800 level next.

I think that this remains a “buy on the dips” type of situation, as there is plenty of things out there that have people bit concerned overall. The Middle East is the first place I think of, as the Iranians and the Israelis are starting to lob missiles at each other. Beyond that, there are tensions between the United States and Iran as well, so I anticipate that gold will eventually find buyers underneath. Selling isn’t much of a thought.

Gold Prices Video 14.05.18