Gold markets went sideways over the course of the session on Friday, which is becoming a familiar theme. However, when you look at the longer-term charts it looks as if we are trying to form some type of base to the market, and that we could eventually go looking towards the $1300 level for a breakout. Move above that level should send this market looking towards the $1325 level next, which has been resistance in the past. I believe that the US dollar continues to soften a bit, as the Congress cannot pass any type of meaningful tax legislation. Because of this, the US dollar falling should push the value of gold higher, but gold has not been quick and its movements. Overall, the market continues to reach towards the upside, but we also have had issues trying to get momentum in the market. I believe that we need some type of event, or perhaps even a breakdown of the dollar to get the market moving. I believe that the $1275 level underneath continues to offer support, so although we have been somewhat flat, I think that buying the dips continues to work.

For those of you who use a lot of leverage, this could be a nice range bound trading opportunity, but if we were to break down below the $1275 level, you simply must get out of this market. The volatility should continue, so you need to be careful with this market, but I think eventually we will see the buyers prevail, we should go much higher after that. A break above the $1350 level sends this market to the $1400 level longer-term, which is my longer-term thesis and how I have been playing this market. By buying physical gold, I’m taking advantage of it, but I also recognize that CFD markets offer opportunity as well.

Gold Price Forecast Video 27.11.17

This article was originally posted on FX Empire

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