Gold Price Forecast – Gold markets broke down Thursday from major support

Gold markets broke down significantly during the day on Thursday, after initially trying to grind sideways at the $1200 level over the last couple of days. I do believe that ultimately we are looking at a scenario that justifies a bit of selling the rallies, because quite frankly Gold can’t keep its momentum. Overall, I think that gold will eventually be a nice buying opportunity, but I think at this point it should continue to reach to lower levels. If we broke above the $1205 level, then we could see a move to the upside again, perhaps reaching towards the $1210 level and eventually the $1215 level.

Overall, yup to follow the value of the US dollar, and if it rises it will continue to pummel this market. I think that we have seen a lot of volatility over the last several weeks, and I think we will continue to see this type of movement. I think at this point, the market will continue to be a short term focus market, so therefore I would be cautious about hanging onto a trade. However, I do believe that we can buy physical silver and hold onto it for retirement play, because quite frankly it is relatively cheap overall and of course the US dollar is very strong historically. That won’t last forever, and once it does roll over a little bit it’s likely that the Gold markets will respond positively. Overall, it’s likely that the volatility remains high, so by all means use small positions and always use stops.

Gold Technical Analysis Video 28.09.18