Gold Price Forecast – Gold markets drift sideways

Gold markets have rallied slightly during the day on Thursday, only to give back most of the gains, and then bounce again. As I record this, the market is essentially unchanged, which is a good indication of how markets around the world have been behaving during the day. Commodities were relatively quiet, I think at this point a lot of people are worried about global trade risks and of course geopolitical concerns. I believe that the market should continue to be very noisy, but as we have drifted through a downtrend line, I believe that the buyers are starting to become just a bit more aggressive. Don’t get me wrong, I don’t think we are going to explode to the upside but I also recognize that the market has certainly found the area below supportive. I think there is a massive support “zone” from $1200 to the $1205 level.

If we were to break down below the $1200 level, that would be a very negative sign and could send this market much lower. Alternately, if we continue to see this type of action, I believe that the market would probably then go to the $1225 level which was resistive. I think at this point, Gold is entering some type of accumulation phase, and as it is August it’ll be interesting to see if there is enough liquidity to push this market for any significant move. In the meantime, I would anticipate range bound trading.

Gold Outlook Video 10.08.18