Gold Silver Reports (GSR) – Gold markets have been slightly negative during the trading session on Thursday, but only slightly so.
I believe that the market will eventually find buyers, perhaps pushing from the uptrend line to go looking towards the $1235 level…..
That’s an area that being broken would send the market looking towards the $1245 level next….
While I recognize that there is a lot of noise in this market, I also believe that Gold has been oversold. I believe that the market will continue to be very noisy, but I do think that there is an underlying interest in owning gold.
If we were to break down below the $1200 level, that would be catastrophic and probably send Gold down to the $1000 level where there is an absolute ton of support. In the short term, I think that value hunters are coming into the market, perhaps trying to push things higher.
That’s not to say that things are going to be easy, and certainly you should pay attention to the US dollar.
The US dollar has a massive influence on what gold does, as many of you know. The $1250 level above is the “ceiling” in the market for the short term, but at this point I think we will continue to see volatility, perhaps adding more of a short-term traders type of environment.
Longer-term traders of course have been accumulating on the dips, especially those who hold physical silver physical metal. – Neal Bhai Reports
