Gold markets have been very noisy during Wednesday

Gold markets continue to be very noisy, as we have gone back and forth on Wednesday to try to find some type of traction. I believe that the market breaking down below the previous uptrend line of course is a negative sign, but if we were to turn around and rally above the $1305 level, that would of course show extreme strength. I believe that given enough time we will find support underneath, perhaps at the $1275 level which has been important more than once. I think the choppiness and of course the volatility will continue to be a major issue.

I believe that if we did break above the $1305 level, it’s likely that we could go to the $1325 level next. I think that would be an extreme show strength, and probably driven due to either some type of geopolitical concerns, or perhaps some type of selloff in the US dollar, something that I don’t think is going to be likely. That being the case, I believe that the market should continue to be difficult, but I also believe in the longer-term viability of owning a certain amount of gold. I believe that the interest rates in the United States rising will continue to cause a bit of an issue, but it’s possible for the US dollar and gold to rise at the same time. We could do that, especially if there is a flight to safety overall. Right now though, and it looks very likely that we are going to be somewhat range bound until we get some type of momentum.

Gold Price Video 24.05.18