Yahoo Finance Gold Price Forecast – sideways action on Monday
Gold is in a bit of a runt during the session on Monday, as traders try to figure out what the next move is between the United States and China. Beyond that, we have a lot of bullish pressure on the US dollar which of course drags on the value of gold overall. I think that the market is going to continue to be very noisy, and I will be the first to admit that from a longer-term standpoint: I love buying gold. However, short-term traders have been beaten up as of late, so it is going to be difficult for some people to step in. The easiest way to step in and pick up Gold is to buy it either physically, taking out the issue of leverage, or in small increments. However, the uptrend line just above should be a bit of a resistance barrier, so if we were to break above there, the market should continue to go higher, perhaps reaching towards the $1300 level.
I think that the $1275 level underneath is massive support, based upon previous reactions. However, if we break down below the $1275 level, the market is likely to unwind towards the $1250 level underneath which is significant from a longer-term standpoint, and of course the round figure. I think that the market will be noisy regardless, so keep that in mind. If we can break above the $1300 level, the market is likely to continue going higher.
Gold Outlook Video 19.06.18
This article was originally posted on FX Empire
