Gold Midday Technical Analysis November 2

Gold markets continue to chop around sideways, as we are treading water near the $1235 handle. After the jobs figure, which of course was very strong, the US dollar picked up a bit of value, and gold sold off as a result. However, I see significant support below, especially near the $1230 level and most certainly at the $1215 level. I do like the idea of buying gold, but I would do so in small bits and pieces as there are a lot of moving pieces out there right now that could interfere. I anticipate that we do need to pull back a little bit, perhaps in order to build up some momentum.

Gold Price Predictions Video 02.11.18

Just above, I think the $1240 level is minor resistance, but opens the door to the $1250 level above, which of course is a much more significant round figure and will attract a lot more attention. Ultimately, I think that there are a lot of people jumping into gold to express a safety trade, but the question now is whether or not inflation is going to drive the value of gold higher over the longer-term? I suspect longer-term traders are trying to position themselves for that. Either way, in the short term I am bullish but I also recognize that we probably need to find a little bit of value here.