Gold markets were very noisy during the trading session on Thursday, as the markets are trying to figure out what to go next. We’ve had a little bit of a “risk off” tray during the day, although that didn’t seem to benefit gold in general. That makes sense though, because we have such a huge move during the Wednesday session that it was probably difficult for traders to continue to put money into the market. I think that the $1340 level above is resistance, so if we can break above there, the market is free to go to the $1350 level. I believe that in general, gold is a market that you can buy on dips, so be patient and wait for value to take advantage of. I don’t necessarily believe that the market is going to break out in a massive move in the short term, but I do think the building up your portfolio with gold is going to be the prudent thing to do over the next several months.
Gold Price Predictions Video 23.03.18
I currently have the $1300 level as the “floor” in the market, and I believe that we should continue to hold that area quite easily. For the short-term trader, I believe in buying on dips, as the market continues to offer value occasionally. There are multiple support levels underneath, namely the $1327.50 level, the $1320 level, and of course the $1310 level. Because of this, I think it’s only a matter of time before the buyers will come in and pick up gold if it gets to be a bit cheap.