Gold rallied significantly during the trading session on Thursday

The Gold markets rallied significantly during the trading session on Thursday, slicing through the vital $1300 level, the previous uptrend line, and the vital $1305 level. Ultimately, I think that the market could go as high as $1325, especially if we get some type of geopolitical issue or perhaps some type of selloff in the US dollar. Don’t get me wrong, the US dollar and gold can rally at the same time, despite what some people would tell you.

Ultimately, I think that the $1300 level should be a bit of support now, and I anticipate that we will continue to see buyers jump into this market on short-term pullbacks, and that we should continue to see plenty of interest in gold as it had been oversold and had recently formed a bit of a basing pattern. Based upon the measurement of the pattern, it’s likely that we could go to the $1325 level at the very least, which of course is a significant move. I believe that the market will eventually reach that level but could even go higher than that. After all, Gold had been so brutalized as of late, perhaps a bit overdone. However, we will need to see how the daily close flushes out. If the daily candle closes below the $1300 level, that would more than likely send this market much lower. So that being said, pay quite a bit of attention to this market over the next 24 hours.

Price of Gold Video 25.05.18