Gold Price Forecast – Gold markets volatile for Thursday session
Gold markets tried to rally during the trading session on Thursday but found far too much in the way of trouble near the $1212 level to continue going higher. By breaking to the downside the way it did, it shows just how tenuous any long position in the gold market is going to be. However, it looks as if the $1200 level underneath is trying to offer some support. I think that gold markets are going to continue to struggle at the hands of the US dollar though, and of course the situation that we have seen in the emerging markets. Because of this, it’s likely that we will continue to struggle for longer-term direction overall, and I think that we continue to see the five dollar levels offer both support and resistance. As I record this, the $1205 level looks as if it is trying to offer a bit of support.
Your capital is at risk
In general, this is a very messy market so it’s more or less the realm of scalpers. However, I would be willing to buy physical gold and in fact have a couple of times recently as I think longer-term this is going to be thought of as a very cheap level. The jobs number coming out today will of course have a lot of influence on the US dollar, which by extension will have a lot of influence on gold.