Gold Price Forecast November 8

Gold markets continue to be very choppy and somewhat sideways as we are struggling to find directionality over the last couple of days. The $1250 level above is major resistance, and I think if we can break above there, the market would go much higher. Otherwise, the $1210 level underneath will be supportive. In the meantime, I think we go back and forth and that short-term scalpers will probably flock to this market. There are quite a few confused traders out there as to where we are going longer-term, but I do recognize that Gold has been consolidating between $1200 and $1400 above.

Gold Price Forecast Video 08.11.18

Gold markets remain volatile and I think they will continue to be so as we don’t really know what to do with the US dollar. Beyond that, the gold market sometimes offer a bit of a safe haven, and with all of the confusion that we have out there, it makes sense that we don’t know where to go next. A break above the $1250 level should send this market higher, as it would be a significant break out. I also believe that we are simply too exhausted right now to have that happen unless there’s some type of major break down of risk appetite, as moneymaker flowing into gold as a way to protect your investments globally. If we were to break down to a fresh, new low, that could open the door to the $1100 level, and then possibly the $1000 level but that would take an extraordinary move by the US dollar.