Gold Price Forecast – Gold markets continue to grind sideways

Gold markets have broken above a significant resistance barrier in the form of the $1220 level. After that, it looks like we are trying to grind sideways overall in order to digest the gains and perhaps build a bit of confidence at these higher levels. However, I do see the $1250 level above as a massive resistance barrier, and it will take a lot of momentum to finally get above there. If we can get above there, then the market really will take off. Overall though, I think what we are going to see over the next couple of days is a lot of back and forth trading.

However, if we were to break down below the $1220 level, the market will more than likely go down to the $1200 level after that. I think that this market will probably continue to see a lot of jittery trading due to the various economic issues around the world, not the least of which will be the trade negotiations or better yet, the lack of trade negotiations between the United States and China. We also have interest rates out there that are throwing the markets around right now, so I think at this point you are better served to trade this market back and forth in a short and choppy manner in this basic region. I would pay clear attention to the $1220 level, because it is massive support, and a break down below there could very well send this market below to the $1200 level. If we continue to find support at that level, then it will be a simple “buy on the dips” situation.

Gold Analysis Video 18.10.18