Gold Price Forecast- Gold markets noisy during trading on Thursday

Gold markets rallied a bit during the trading session on Thursday after initially falling rather hard, showing signs of life but moving lockstep with the EUR/USD pair. With the US dollar softening during the trading session, it makes sense that gold rally. However, I think this is a short-term phenomenon, because quite frankly we have so many of the major issues still out there waiting to drive the value of the US dollar higher. With that in mind, I am looking for some type of exhaustion to sell in this market, initially at the $1192 level, and then most certainly at the $1200 level where I think a lot of psychological selling and pressure will come into play.

The bounce doesn’t show anything other than relief from what I can tell so far, because quite frankly the US dollar is still historically strong. Because of this, I think that we may start to see selling command just above. On the whole, I think gold still has a lot to work through, mainly because there are so many issues in the emerging markets. With that being the case, I think that looking for rallies to sell on signs of weakness will probably be the best way to approach this market, because quite frankly there’s just so much out there that could have people driving right back towards the US dollar.

Gold Price Predictions Video 17.08.18