Gold Price Forecast – Gold markets continue bullish run on Monday

Gold markets continue to be resilient, rallying quite nicely as the US dollar continues to fall in value. The $1220 level offers minor resistance, but I think at this point the market will probably go looking towards $1225 level, possibly even the $1250 level. The question now is whether the $1200 level is going to be seen as the “bottom” of the recent move. I think at this point, it’s only a matter of time before we get some type of clarity on the longer-term outlook for the market. I believe that the market will continue to move in verse of the US dollar as it typically does, so I think it’s only a matter of time before currency markets start to show a correction of the overall strength of the US dollar. After all, we had rallied rather significantly, and I think that the greenback had gotten a bit expensive for its own good.

Pay attention to the EUR/USD pair, it has a massive influence on what the US dollar itself is going to do overall, and I think at this point the market will continue to find reasons to get rid of the greenback if it can, because quite frankly there is more risk appetite out there that there once was. The Turkish lira situation seems to be calming down, at least as far as the idea of contagion is concerned, and emerging markets have stopped selling gold as drastically as they once had done. Because of this, I think that gold has a way to go to the upside.

Gold Prices Video 28.08.18