Yahoo Finance Gold Price Forecast – Gold drifts lower against stronger US dollar
Gold markets have drifted a bit lower during the trading session on Friday, reaching down towards the $1237 level before bouncing. I believe that the market will continue to be driven by headlines coming out of the Sino-American trade war, and of course the risk appetite of traders around the world. I believe that Gold continues to get a little bit beaten up in the short term, but I do see signs of mass of support underneath.
Gold markets have a massive amount of support at the $1200 level, so I think that in the short term I think it’s likely that we will continue to sell off on short-term rallies that show signs of exhaustion, but eventually I think the $1200 level underneath is going to be massive in its implications. The alternate scenario of course is that we turn around and break above the $1250 level, which of course is a resistance barrier above. However, we clear it, the market would show that it would continue to go much higher. At this point though, it looks as if the sellers are in control so it’s much easier to short these rallies for short-term moves. I would stay out of longer-term trades currently, until we get some type of resolution to the situation between the Chinese and the Americans as it will continue to have a massive influence on gold.
Gold Price Predictions Video 16.07.18
This article was originally posted on FX Empire
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