Gold Price Forecast – Gold markets drift lower again on Thursday

Gold markets continue to be bearish overall during the day on Thursday, as we see the 50 hour EMA offer plenty of resistance. Beyond that, we did get a bit of a bounce from the psychologically and structurally important $1250 level, but quite frankly I think that is a bit of a fantasy to think that we are going to turn around and start rallying with any type of significance at this point. I believe that short-term rallies will continue to be sold, but it may take a significant amount of momentum to break down through the $1250 level significantly and for a longer move. Because of this, and the headlines moving around the world it makes sense that this market continues to be very volatile to say the least.

I think on a fresh, new low, we will get continued and sustained downward pressure, perhaps reaching towards the $1225 level over the longer-term. I believe that as long as trade wars are a concern, Gold will continue to act very skittish to say the least, and I think it’s only a matter time before the sellers come back in on any type of bounce. In fact, it’s not until we break above the $1275 level above that I think it’s reasonable to start buying, unless of course you are buying physical silver for longer-term investment. Short-term sellers continue to run the market overall, I see no reason to fight that.

Gold Prices Video 29.06.18