Gold falls during Friday trading

Gold markets get to be interesting over the next several weeks, because we have a lot of geopolitical concerns of their that could move them. We have the concerns about the United States and China perhaps going into some type of trade war, an escalation of the shooting war in Syria, and then of course whatever’s going on with North Korea at this point. I think that we could get a bit of a “run to safety” if we get some type of significant geopolitical issue. That should send gold higher. However, we also have the US dollar rallying at times, and that put downward pressure in gold. In other words, we will continue to see a lot of volatility. However, when you look at the longer-term charts, it looks as if we are ready to bang up against resistance above, and eventually go to the $1400 level.

The gold markets have plenty of support down to the $1300 level, so it’s not until we break down below there that I’m willing to start shorting this market. If we do have that happen, the market should continue to go much lower. However, the lower this market goes, the more likely I am to start buying as I think that the gold markets will be offering value in general. I think that the market should continue to see buyers every time we dip, and that I think eventually we will break out to the upside and shoot towards the $1800 level.

Gold Price Predictions Video 23.04.18

This article was originally posted on FX Empire

More From FXEMPIRE:

• Natural Gas goes back and forth during choppy trading week

• Crude Oil continues to show signs of strength over the week

• S&P 500 rallies during the week, but finds resistance at large, round number

• Gold markets struggle at resistance again during the week

• British pound falls against Japanese yen during the week

• The British pound initially tries to rally during the week, yet fails