Gold Price Forecast – Gold markets rally during volatile Tuesday session

Gold markets continue to be very choppy, reaching towards the $1208 level, an area that has been of interest lately. It looks very likely that we are going to continue to see choppy conditions until the FOMC statement comes out, and quite frankly I don’t expect much in the way of a surprise there. However, it obviously has a lot of influence on what’s going to happen with the US dollar, so therefore it should be paid attention to. The overall attitude of the market continues to be one of ambivalence towards the glowing global risks, and I think that will probably continue to be the case, unless of course something changes drastically. That of course could happen rather quickly, as we have been seeing lately.

So far, the US dollar hasn’t been punished very severely for the trade war, and I don’t think that’s going to start anytime soon. Pay attention to the EUR/USD pair as a proxy for the potential directionality of gold, which I think is probably going to be bouncing around between the $1200 level on the bottom, and the $1215 level on the top. Until we get some of these economic issues out of the way, this is probably going to remain in a very choppy and sideways market. Ultimately, short-term trades are probably about as good as this is going to get. I would not put too much money into the market in any one particular move, until we can break out of the range that I have marked on the chart.

Gold Price Predictions Video 26.09.18