Gold falls on Tuesday, looking for support underneath

Gold markets pulled back a bit during the session on Tuesday, reaching towards the $1328 level. There is a significant amount of support just below, extending down to at least the $1325 level, and I think it’s only a matter of time before we bounce from there and go looking towards the $1350 level. The $1320 level underneath is supportive, extending down to the $1300 level. Ultimately, this is a market that should continue to find buyers on these dips, and I think that the overall gold market outlook should be strength going longer.

Longer-term, I anticipate that we will continue to go higher and break above the $1350 level, sending this market towards the $1400 level. However, if we break down below the $1300 level, the market could unwind a bit, but I believe that it’s the least likely of scenarios as we have so many concerns out there involving trade wars and economic disruptions that gold should continue to be something that attracts a significant flow of money. I think that the market will probably be best traded in small increments, giving us an opportunity to take advantage of the overall attitude of the markets, and I think that eventually once the market moves in your way you be able to add to your core position to take advantage of what seems to be a very stingy buying population underneath. In fact, I don’t have any scenario in which a willing to sell gold. The markets should continue to be volatile, but positive overall.

Price of Gold Video 04.04.18