Gold Price Forecast June 29, 2017, Technical Analysis

Gold markets have had a volatile session on Wednesday, initially breaking towards the $1255 level, but then pulling back to fall just below the $1250 level. We are now starting to see signs of strength, and it looks as if we will continue to find a “buy on the dips” mentality in this market, as gold has been grinding for the last several sessions. The 24-hour exponential moving average has shown signs of life and strength, so I believe that the buyers are continuing to look at these dips as potential buying opportunities, so I think that the market should continue to find back and forth trading and short-term trading opportunities. The market is probably going to reach above the $1260 level and then eventually go to the $1275 level above there.

Geopolitical risks

The geopolitical risks out there continue to favor the upside for gold, as there are a lot of potential problem areas such as the Korean Peninsula, Syria, and of course political issues in the United States itself. With this being the case, I think we are trying to build some type of base in this general vicinity, and the $1240 level underneath continues to be massively supportive.

This market continues to be very volatile so I think you may want to add small positions as you go long. I don’t necessarily think that this is a market that you will want to jump into with both feet right away. I think small positions being added slowly should continue to favor traders overall, as the markets causing all this noise could make it difficult to deal with the noise. If we continue to see this type of marketplace, I think that perhaps even options might be the best way to deal.

Gold Price Forecast Video 29.6.17