Gold Price Forecast – Gold sideways on Friday

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Gold Price Prediction – Prices Trend Lower as Momentum Remain Negative · FX Empire

Christopher Lewis

Updated Fri, Jun 22, 2018, 10:46 PM

Gold markets have been sideways during the trading session on Friday, as the $1275 level above is resistive. That was an area that was previously supportive, so it makes sense that it would be resistance now. I think that if the market breaks above the $1275 level, the market could continue to go towards the $1285 level, perhaps even higher. Ultimately, I think that Gold markets will continue to be very noisy, and I think we will go higher to retest the previous uptrend line that I have marked on the chart. At this point, it’s likely that there is too much resistance above to allow gold to appreciate for longer-term move, but if we were to break above the $1300 level, that would be a massive amount of bullish pressure coming into the market and making it a longer-term move.

The $1250 level underneath continues to be support as well, and that’s likely that the market would find buyers there as well. I believe that the market in the short term though is starting to find buyers, and I think that we will continue to see a lot of volatility here as we worry about global trade and of course tariffs in general. I believe that the global markets will continue have a massive effect on risk appetite, and of course that the Gold markets will be reactive to sudden shocks. Because of this, I would be very cautious about trading size, but right now it’s not until we break above the previously mentioned uptrend line that I would be comfortable putting serious money into buying gold. Longer-term, I believe in the efficacy of a major move to the upside, but I would do so in physical gold as it is much less risky.