Gold falls as traders come back from the weekend

Gold markets gapped a bit lower during the open on Monday, but then turned around to rally and fill the gap. After that, the market rolled over again as we continued to fall towards the $1320 level. The market is struggling with a stronger US dollar, and that of course typically will work against the value of gold. I believe that the market has a “floor” close to the $1300 level, and I would be hard-pressed to think that this market will break down below there. I think it’s only a matter of time before the market bounces and it should continue to find plenty of value hunters as gold is always attractive in a situation that has a lot of geopolitical concerns, and potential flareups in the headlines.

I think that the $1300 level should be massively important, so I think it’s only a matter of time before the buyers get involved, and I do believe that we have been trying to build up enough momentum to finally break out above the $1400 level, and although it’s going to take a lot of work, that is my base case scenario. I think that you have plenty of time to get involved from the longer-term trade, but I think that short-term traders will continue to look to the futures market to pick up a bit of value in a situation that seems to be offering plenty. Ultimately, we are bit range bound with a slightly upward proclivity in the gold markets.

Gold Price Video 24.04.18