Gold Price Forecast – Gold markets pull back to support

Gold markets pulled back initially during the day on Wednesday, breaking down below the $1200 level. It looks as if there is a lot of support in this general vicinity, but I suspect it will probably be easier to wait until after the statement to put money to work. I think it will be extraordinarily volatile as per usual and as a result it’s difficult to deal with the gold market during those times. In general, I think that the Gold markets could reach as high as the $1205 level, which is the next area of interest. At this point, I think that the market breaking down below the $1198 would signal a move to the other direction, perhaps as low as $1195 level, and then the $1190 level.

The $1200 level has been rather supportive several times, so it makes sense that we will continue to see market participants play back and forth at this point. Overall, I think that the market should continue to see a lot of volatility. I prefer buying physical silver and physical gold both to go along for a larger move, which I do think will happen eventually. However, from a shorter-term perspective you have to pay attention to the five dollar intervals that seem to be crucial. I believe at this point small positions will be crucial, and then we will see how that shakes out 24 hours after the vital announcement. At that point we should see the true attitude of the market.

Gold Prices Video 27.09.18