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Gold markets continue to be very noisy, and quite frankly continue to trade in a range. The $1308 level has offered a significant amount of resistance as of late, and I think if we can break above there for any significant amount of time, it should send this market towards the $1325 level. Short-term pullbacks should be buying opportunities, and I believe that the $1300 level should offer plenty of support. I think there is a lot of noise underneath there as well, not only through a lot of order flow, but also the uptrend line that is on the longer-term charts. That long-term uptrend line seems to be coinciding quite nicely with roughly $1290 level underneath.
Pay attention to the US dollar, it of course will have an influence on this market, but it also seems as if perhaps the Europeans were buying a lot of gold, as we had a bit of a divergence after the ECB meeting from the up gold, down dollar scenario. I believe that the market will continue to reach towards the $1325 level above, and then perhaps to the $1350 level after that. Expect noise, but I still believe in buying dips. I believe that the longer-term outlook for gold is very strong, and that the so-called “smart money” is starting to accumulate a larger position. When we short-term it’s “buy on the dips”, but longer-term I think we are building fortunes.
Gold Price Predictions Video 15.06.18
This article was originally posted on FX Empire