Gold Price Forecast – Gold markets drift lower towards support

Gold markets are going to be a very interesting place to be, as we have a lot of moving pieces around the world. Trade tariffs of course are a major concern to traders around the world, and this has them buying safer asset such as treasuries. I think that the market will get a bit of a bounce in this general vicinity, but we are still very much in a downtrend. I believe that the $1275 level above is resistance, and of course the previous uptrend line that I still have marked on the chart. In other words, there are a lot of headwinds for gold from a technical standpoint.

If we break down below the $1250 level, the market probably goes down to the $1200 level, but at the end of the day I think we may get a short-term bounce to turn around and start shorting yet again. I find it very difficult to imagine that the market is going to be comfortable enough to start buying, and the major breakdown that we had seen recently should continue to attract the longer-term traders.

I think that eventually, we will get a turnaround and it’s likely that it could be a nice buying opportunity. However, we don’t have that quite yet so it’s likely that we need to build up some type of stability or at least get some type of “risk on” move going forward.

Gold Price Predictions Video 28.06.18