Gold markets continue to show volatility on Thursday

Gold markets rallied initially during the trading session on Thursday, breaking above to the $1303 level before rolling over in breaking down somewhat significantly. The market continues to be somewhat choppy overall, but I like the idea of the uptrend line underneath keeping this market somewhat afloat. In fact, after the major selloff that we had seen during the early hours in North America, we have already seen buyers come in and try to pick up a bit of value near the $1295 level. I think that the market would continue to be sideways overall, but perhaps with the longer-term upward slant. I think that the attitude of Gold markets is more of a longer-term buying opportunity, and certainly more of an investment than anything else.

If we did break down below the uptrend line could send this market to the downside, perhaps reaching towards the vitally important $1275 level. Overall, that’s an area that has been very important in the past, so I think the buyers could come back there as well. Longer-term, I believe that Gold is going to go looking towards the $1350 level again, and then eventually the $1400 level. The US dollar has been strengthening until recently, but quite frankly the US dollar and gold can move in the same direction as it has in several instances over the last several decades. In general I believe it is easier to buy dips in small bits and pieces and simply add as the market moves to the upside improves the position correct.

Gold Price Predictions Video 08.06.18