Gold Price Forecast – Gold markets find support after fall

Gold fell initially to open the day on Tuesday, reaching down to the psychologically important $1250 level. That’s an area that has been important more than once, and of course has a certain amount of psychological importance to it. If we can break above the $1260 level, at that point I think that the market will be ready to go much higher.
Christopher Lewis
Gold daily chart, July 11, 2018

Gold markets initially fell during the trading session on Tuesday, reaching down to the $1250 level, an area that has been important several times. I believe that the market will eventually find buyers to push higher, but I would also point out that we had recently broke down below a significant uptrend line. That being said, I’m not as confident about gold in the short term as I am the longer-term. I do believe that longer-term we will go much higher, but right now it’s likely that we will continue to see a lot of volatility. This makes sense, because the Forex markets are all over the place, and of course the US dollar has been a major driver of where gold goes.

If we do break down below the lows of the day, then I think we go looking towards $1240 level, and could go as low as the $1200 level underneath, which I think is massive support. Right now though, it looks like we are trying to build some type of base, so it might take some time to eventually get a definable trend. Currently, there are so many different moving pieces with global risk appetite that I think Gold will continue to be a short-term traders market overall, with about every $10 offering support and resistance, setting up a nice opportunity for range bound scalpers to get involved.

Gold Outlook Video 11.07.18

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