Gold markets hold support during the week

Gold markets continue to show signs of support underneath at the uptrend line for the third week in a row. I think that the market is probably going to continue to go higher, especially if the US dollar falls over the next couple of weeks, which looks like it could happen against many of the world’s major currencies based upon weekly chart. That being said, we could see a bit of volatility, but I think we could also get a bit of bullish pressure due to geopolitical concerns, or perhaps a falling US dollar. I think there’s a couple of different scenarios that could help this market, but if we were to break down below the $1275 level, we could break down to the $1250 level.

I think that if we do continue to rally from here, we will probably target the $1350 level above which has been massive resistance extending to the $1360 level. I think the Gold markets haven’t changed much when you look at it through the prism of a longer-term chart, despite the fact that it has been rather difficult over the last couple of weeks. If we break down, it’s hard to tell what would cause it, but certainly it looks as if the buyers are willing to make a stand in this general vicinity, so I think that likelihood of this market going higher is much stronger than breaking down as the uptrend line goes all the way back to the end of 2016.

Gold Price Video 04.06.18