Gold markets rally slightly during quiet Tuesday session

Gold markets rallied a bit during the trading session on Tuesday, as the $1320 level continues to offer a bit of support. It looks as if we could try to grind higher from here, but it is going to take some work to build up the momentum necessary to go higher. I believe the pullbacks continue to be buying opportunities, as this is a market that has plenty of support underneath. · FX Empire

Christopher Lewis

Updated Tue, Apr 24, 2018, 10:20 PM

Gold markets continue to find support near the $1320 level, an area that has been important more than once. I believe that the market will eventually reach towards the highs again near the $1365 level, and then eventually higher than that so that we can take advantage of these pullbacks as value from what I see. I think that the market should continue to be a bit noisy, but anybody who is experiencing trading gold nose this going into the trade. I think that the $1300 level underneath should continue to be a massive supportive level, and I do think that eventually we probably find that as a “floor” in this market. We have been grinding higher over the longer term, but it has not been an easy move at times.

The one consistent thing has been the buyers return though, so you should look at this market in that light. As the market continues to find pullback supportive, why not take advantage of it? I think that a strengthening US dollar has worked against the gold markets of the last couple of days, as interest rates have been rising in the bond markets. However, I think there’s enough geopolitical concern out there that we should continue to see demand for gold overall. If we can break above the recent highs, then we will challenge the $1400 level.