Gold Price Forecast – Gold market breaks higher on Friday

Gold markets have rallied rather significantly during the trading session on Friday, as the US dollar has given back quite a bit of its gains. By doing so, the gold market broke above the $1210 level, sending the market towards the $1225 level eventually. Volume picked up quite nicely as well, so that of course is a very bullish sign. I believe that the market will probably continue to see value hunters come into this market place, as gold has been beaten down far too much. In fact, as I record this video, I believe that the market has just completed a bottoming pattern and should continue to go much higher.

Markets are to be bought on pullbacks, as the US dollar is rapidly turning around and its fortunes. I believe that there have been no new hawkish attitude shown by the Federal Reserve after the Jackson Hole, Wyoming symposium, and that of course means that traders can start to focus on fundamentals. Overall, this is a market that will continue to be very erratic, but I think gold is trying to make its stance at $1200, offering an opportunity to pick up a bit of value in the process. I have been buying physical gold over the last several months and have done more so around the $1200 level.

Otherwise, if we do break down below the $1190 level, then gold would probably revisit the lows. The weekly chart looks as if we are finding support here as well, so in general I believe that we will continue to see buying.

Gold Price Forecast Video 27.08.18