Gold chops in quiet trading on Thursday

Gold markets drift a little bit lower overall during the day on Thursday, in choppy trading. The $1325 level was tested, an area that was previous resistance. I think that the market will continue to find buyers underneath, but if we drift lower, the next major support level that I see is the $1310 level. We most certainly have a significant amount of support at the $1300 level as well. Because of this, I believe it is only a matter of time before the buyers get involved, and therefore I’m willing to pick up a bit of gold on impulsive green candles.

I believe that the $1350 level should continue to be resistance, and I believe that if we break above there, the market should then go to the $1375 level. If there some type of concern about a trade war flaring up again, that should send the gold markets higher. If the US dollar get sold off, that could single markets higher as well. Longer-term, I believe the gold markets will continue to go much higher and will eventually be a longer-term “buy-and-hold” investment. In the short term though, it looks as if we are trying to find more significant support underneath to bounce from. Until then, the market will continue to be choppy, but I think that if you jump into the gold market slowly, you may be able to start building up a position somewhere in this general vicinity. I would become much more aggressive if we can make a fresh, new high, and start adding at that point.

Gold Price Predictions Video 30.03.18