Gold markets very noisy on Friday

Gold markets continue to be very noisy, as we have gone back and forth in general. The $1300 level is the beginning of significant resistance, but I think that eventually we will make a higher move from here, perhaps reaching towards the $1308 level, and that eventually the $1325 level. At this point, I suspect that there are plenty of reasons to keep this market very noisy, but that simply means that you should trading position size very small. Once we do get some type of clarity, and perhaps a move to the upside with some type of strength, the market should continue to go even higher, giving us an opportunity to add to a position.

I believe that the market continues to react to geopolitical events around the world, and of course talks about trade wars. The US dollar could strengthen, perhaps slicing this market down to the uptrend line or perhaps even go lower than that. Remove below there could open the door to the $1275 level. I think that the market continues to be noisy to say the least, and I do think that it’s only a matter time before we build up enough momentum to finally make a significant move. I like the idea of adding gold slowly, perhaps building up a larger longer-term position. I think of this more as a significant investment than anything else. Short-term traders might look to the futures market and some type of range bound trading system in this general vicinity.

Gold Prices Video 11.06.18