Gold markets fell again during the day on Thursday, reaching towards the $1250 level. This is an area that is very important in the gold market, as it is essentially “fair value” on the longer-term charts of the consolidation that we have seen for several months. With the jobs number coming out today, there will be a significant amount of volatility in the US dollar, and that of course influences the gold markets. If the US dollar rallies, that will put further bearish pressure on gold, perhaps sending it down through the $1250 level and towards the $1225 level. However, if the US dollar falls, then we should see gold rallying towards the $1265 level after that.
I believe the volatility in the gold market should continue, and quite frankly it’s easier to buy this market in physical metal than anything else, as you can hold on to the position for your retirement account or something like that. Longer-term, I believe that we will eventually find buyers in this market again, perhaps trying to reach towards the $1300 level. However, I think that the volatility continues, and if the US dollar continues to strengthen in general, and it could do to higher interest rates, that could be bearish for gold. Ultimately, this is a market that will continue to offer a lot of opportunities, and quite frankly it just comes down to your timeframe. If you are longer-term, then I believe that we go higher. However, if your shorter-term traitor, it’s likely that you could get trades in both directions.
Gold Price Predictions Video 08.12.17
This article was originally posted on FX Empire