Gold Price Forecast – Gold markets rally again on Friday

Gold markets rallied a bit during the Freddie session again, reaching towards the $1250 level. At this point, that’s an area that offers resistance but I do think that it’s only a matter of time before we break out above there in continue to go higher. If we pull back from here, it’s likely that the $1250 level underneath will offer short-term support. This is because of that massive bullish candle when we broke through the downtrend line, which of course would have a lot of volume in it. That being the case, I like the idea of buying pullbacks in gold as I fully anticipate that we will break above the $1250 level eventually. Eventually, I think we go to the $1300 level, and possibly even further than that. Breaking down through this downtrend line is a very bullish, and I think at this point we may get a lot of volatility, but longer-term I believe we go to the top of the overall consolidation area, reaching towards the $1400 level.

At this point, I don’t have any interest in shorting this market, because the markets clearly are looking for some type of protection from overall risk and breaking through this downtrend line simply suggests that we are going to continue the overall consolidation that we have seen for a very long amount of time. Overall, expect volatility but I believe that in the bullish case.

Gold Prices Video 29.10.18