Gold Price Forecast – Gold markets bounce around in tight range

Gold markets fell a bit during the trading session on Tuesday, reaching down towards the $1293 level, before bouncing significantly in reaching towards the $1300 level. I think that the market should continue to be noisy, and of course influenced by geopolitical events, something that continues to be a serious threat. I believe that eventually the Gold markets will rally, but that’s a longer-term call and I recognize that short-term traders are going to struggle to hang onto large positions. I think that trading back and forth in a range bound system probably makes a lot of sense as we have clearly been range bound for some time. I think that the $1306 level above is roughly where the selling is, with the $1290 level underneath should offer support. Until we break out of this range, there isn’t a lot to do as far as longer-term trading is concerned. That doesn’t mean you can’t profit from this, just that you should keep your expectations in line with reality, meaning that short-term trading is probably about as good as it gets.

With that in mind, I would not hang onto any position for any the length of time quite yet, but once we get the impulsive move to either the upside or the down, then we can start to put a longer-term trade on. Until then, be cautious and be nimble if you’re going to be involved in the Gold markets which will clearly be moved by headlines around the world.

Price of Gold Video 13.06.18