Gold Price Forecast – Gold markets bounced slightly

Gold markets bounced slightly during the trading session on Thursday, as the market participants for the most part seemed comfortable taking profit after such a strong run. Ultimately, I believe that the market will find the $1200 level in area of interest, and it would not surprise me at all to see sellers jump in and push lower at that level. If we do rally from there, the next area of serious concern is probably closer to the $1210 level.

At this point, the US dollar is far too strong to consider buying gold, although I do like it in the long run. I also recognize that the $1200 level is a major level that we will need to pay attention to. If it is recaptured, that could be a bullish sign. However, if we roll over at that level, that could be assigned that we are going to go looking towards the $1140 level underneath, the next major support level that I see. Obviously, I think the main thing that striving the gold market right now is the US dollar, so keep that in mind. Recently, people have been buying the US dollar which of course weighs upon the value of precious metals overall, as we are seeing both gold and silver selling off, but I do think eventually a lot of the fear out there will drive money back into the precious metals. The next couple of days could be crucial.

Price of Gold Video 15.08.18