Gold Silver Reports – Gold Spot Outlook October 13, 2017 – Gold markets rallied initially during the day on Thursday, reaching towards the $1308 level but finding a significant amount of resistance. We rolled over from there and reach down towards the 24 hour exponential moving average, as the market found buyers near the $1277 level.
- 1 The Gold market continues to show resiliency, but I need to see a daily close above the vital $1308 level to feel comfortable buying. Once we get above there, the market should then go towards the $1338 level. That’s an area that has been important in the past, and I think will be a certain amount of psychological resistance. Ultimately, this is a market that should continue to show signs of strength, especially the US dollar starts to roll over a little bit.
- 2 Slow and steady wins the race
The Gold market continues to show resiliency, but I need to see a daily close above the vital $1308 level to feel comfortable buying. Once we get above there, the market should then go towards the $1338 level. That’s an area that has been important in the past, and I think will be a certain amount of psychological resistance. Ultimately, this is a market that should continue to show signs of strength, especially the US dollar starts to roll over a little bit.
Slow and steady wins the race
Gold markets do tend to be volatile, so I believe it’s probably best to build your position slowly, or at least with as little leverage as possible. When you look at the longer-term charts, we have seen a lot of choppiness, and have not shown any real clarity when it comes to the idea of directionality.
Read More: Gold Spot Price Report and Forecast – Neal Bhai Reports
If we can be cautious, profits can be realized but it will take some time to get there. These dips give you the opportunity to get involved, but going “all in” in one fell swoop is a very dangerous thing. That’s because gold markets have been known to turn around very suddenly. With that being the case, you can play the market with physical gold, CFDs, or perhaps even binary options. Longer-term, I do believe in the viability of long positions when it comes to gold, but I also recognize that the violent swings in the market can make it a very uncomfortable position to be in. – Neal Bhai Reports
