Gold Price Forecast – Gold markets dance around major level

Gold markets continue to be very volatile, as we dance around the psychologically and structurally important $1200 level. This is an area that should continue to attract a lot of attention, because not only of the psychology of it but the fact that we have seen the markets react to this area more than once in the past. Gold obviously is reacting to the US dollar and its fortunes, which lately have been rather negative. However, during the trading session there has been a lot of volatility in markets around the world, and that of course will have gold continue to be noisy.

At this point, I think if we break down below the $1190 level, it’s time to start selling. Otherwise, if we break above the $1210 level, the market will probably go to the $1225 level after that. Ultimately, this is a market that continues to be very noisy, and I think that isn’t going to change anytime soon as the selling of Gold has been relentless, but I think we are starting to see some stability coming out of the emerging markets, and that of course will have gold itself. That being the case, I anticipate that the market will continue to be very difficult, so I would be cautious about putting large positions on in the short term. Ultimately, I believe that the market will continue to find plenty of reasons to make noise, and therefore you should start looking for short-term scalps between the $1210 level, and the $1190 level. Once we break out of the range, and simply a matter of following.

Price of Gold Video 24.08.18