Yahoo Finance Gold breaks out, then pulls back on Wednesday
Gold markets broke out above the $1350 level during the session on Wednesday, an area that has been significantly resistive in the past. We pull back from there to find support again, and I think that the market should continue to see a lot of noise in this general vicinity. I believe there is also resistance at the $1360 level, so the pullback doesn’t make much of a surprise to me. I believe that the markets will find buyers between here and the $1340 level underneath. Longer-term, I’m waiting to see if this market can break above the $1400 level, as it could free this market to go looking towards the $1800 level, and then perhaps the $2000 level.
Keep in mind that the gold markets are an antidote for a soft US dollar, and of course geopolitical concerns as gold tends to be affected by those as well. I think that there are plenty of headlines out there that could continue to move this market higher, so I believe that we will eventually find a reason to go higher. I like buying these dips, and I also like the idea of adding as we go higher, as we can build up a large position for what I think will be a huge move someday. You will need to be very patient though, as the market has been very noisy and should continue to be as we worry about things like trade wars and of course the shooting war in Syria.
Gold Price Video 19.04.18
This article was originally posted on FX Empire
