Gold markets drift sideways on Monday

Gold markets have been very noisy as of late, continuing to focus on the $1300 level. If we can break above that level, I think that resistance extends to the $1308 level. A break above that level sends this market much higher, perhaps reaching towards the $1325 level next. I think there is plenty of support underneath, especially near the $1285 level, which could see this market unwinds another $10. I think that we will be paying attention to trade war fears, which of course can move this market rather drastically as it will influence risk appetite and of course what happens with the US dollar, the counter to gold overall.

I think that in general, markets will continue to be very noisy, and I think that we will continue to see a lot of skittish behavior. Because of this, I would either buying physical gold or by little bits and pieces in the CFD market. I think that the futures market might be a bit difficult, unless of course you have the ability to trade this market from the short term back and forth perspective, perhaps scalping. If we break above the $1308 level, then I would be more than willing to add to this market, and perhaps trying to build up a much larger position. If we break down, I think you could be a short-term seller, but I think that the $1275 level underneath will be massively supportive, so longer-term traders will come in and try to take advantage of that dip.

Gold Price Video 05.06.18