Gold Price Forecast – Gold markets fall against the US dollar

Gold markets have fallen again during the trading session, losing 0.8% by the time I got to this article. I think that the market has a major amount of support near the $1200 level though, and it’s likely that a certain amount of buying opportunities will present themselves below. In the meantime though, it looks as if short-term rallies will be selling opportunities, with the $1230 level looking particularly bearish. If we can break above that level, then I think more sellers come in between the $1240 level in the $1250 level.

Participants continue to be very skittish, with the strengthening US dollar it makes sense that Gold would fall. I do believe that it is only a matter of time before buyers come back, but I would like to see a daily, if not weekly candle confirming the turnaround and the value hunters jumping in. I suspect that it’s going to be difficult to break above the $1250 level, as it is a very negative area, but if we did then I think the market would probably go looking towards the $1300 level, although I give that about a 10% chance in the short term. I think we will probably need to build a bit of a base at these lower levels to turn things around. If we did break down below the $1200 level, the market is likely to go much lower, perhaps reaching towards the $1000 level after that.

Price of Gold Video 20.07.18