Gold markets do very little on Tuesday

Gold markets when sideways during the trading session on Tuesday, testing the $1290 level for support. There is also an uptrend line just below there that could come into play, and I think this is part of what is keeping this market somewhat afloat. It will be interesting to see how this market behaves at that trend line, and at this point I would suggest that it’s probably best to leave this market alone. That’s not to say you can’t trade it eventually, but I would allow the market to prove itself in one direction or the other before I put money to play. At longer-term traders are going to be buying gold, perhaps investing for longer-term move. Otherwise, if we break down below the uptrend line I think that the market will probably go down to the $1275 level which has been support.

I believe that geopolitical events could of course put a bit of a charge into the Gold markets, because there’s so much out there that could come into play. I think that the talks between the United States and North Korea could be a major catalyst for risk appetite, but then again if we get some type of break down it could also send Gold higher. I believe that the uptrend line being broken isn’t drastic though, I think it’s more or less a short-term event. The $1275 level underneath is much more stringent support as well. I’ll be looking for a bounce, but patiently waiting for it.

Price of Gold Video 06.06.18