Gold Price Forecast December 4, 2017, Technical Analysis

Gold markets continue to be very volatile, especially on Friday as we got word that General Flynn was testifying against the White House. This of course had a negative effect on the US dollar. · FX Empire

Christopher Lewis

Updated Fri, Dec 1, 2017, 10:16 PM

With gold markets testing the $1275 level, there was not much in the way of a surprise that we found support there, it has been supportive recently. However, once we got the headline come across the wires that General Flynn was willing and able to testify against the White House concerning the Russia probe, Gold had a massive move higher as the US dollar sold off against almost everything. That being said, we had given back some of the gains, and it looks as if the market is trying to stabilize a bit, which of course makes sense considering that we are heading into the weekend, and of course given enough time we should get some type pushback or perhaps conflicting headline as is typically the case, and the last thing you want to do is have a large position in the market while you can’t get in or out of the position.

That being said, I think it makes sense that we gave back some of the gains, and perhaps the situation is still more fluid than originally thought. Because of this, I think that you are probably besting out of the gold markets and the short-term, least waiting until we get a bit more clarity as to what the next round of headlines will be involving this issue. With the announcement that General Flynn was ready to testify against the White House, there are a lot of concerns as to whether it would trigger some type of constitutional crisis with the presidency. However, we are a long way from anything actually happening, so this knee-jerk reaction will probably end up being a blip on the radar.