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Gold Price Forecast – Gold markets continue to consolidate

Christopher Lewis

With the Gold markets doing very little on a day that silver has broken through a major resistance barrier, this leads me to believe that perhaps Gold needs to catch up. I have an upward bias anyway, but we also have a host of Federal Reserve members speaking, it of course there are still questions as to whether or not we are going to get a 25 basis point cut or a 50 basis point cut in July from the Fed. Because of this, Gold is struggling to price itself but it certainly has momentum to the upside.

Gold Outlook Video 17.07.19

I have $25 increments marked on the chart, which seems to be the areas that gold pays attention to, so I look at areas such as the $1400 level as potential buying opportunities. However, I am going to wait for a daily close is to place a trade in the gold market. Obviously, we are nowhere near one of the $25 increments right now, and the candle stick itself isn’t exactly compelling. While it does look somewhat bearish, we are in an uptrend so there’s no reason to try to short this market. Quite frankly, I think that the best thing to do is look for hammers and candlesticks like that at the $25 increments underneath. Ultimately, it’s going to be a game of waiting but quite often that’s the case when it comes to financial markets anyway. Even the great Jesse Livermore suggested that “sometimes, we get paid to wait when it comes to the financial markets.”

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This article was originally posted on FX Empire

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