Gold forecast for the week of February 26, 2018, Technical Analysis

Gold markets fell a bit during the week, showing signs of exhaustion, reaching down to the $1320 level. We should continue to see buyers in that area, as we try to build up enough momentum to break out to the upside. The $1350 level offers a bit of resistance, but I think there is resistance above there and extending to the $1400 level, which I find much more interesting and important. When I look at this chart, it’s hard not to look at this market as one that’s forming an ascending triangle, and that should continue to send buyers into this market. I like the idea of buying pullbacks, as we should continue to see US dollar weakness longer term.

You can see that I have the Bollinger Bands indicator on the chart as well, and that of course is starting to turn higher. This means that we have at least a couple of indicators suggesting we should go higher. That’s not to say that it will happen this week, but longer-term I feel the gold markets will eventually have their day. The area between $1350 and $1400 is massively resistive and continues to be an area that’s difficult. If we can break above the $1400 level, the market should continue to reach towards the $1800 level, and then perhaps the $2000 level after that. Pullbacks continue to offer value that I think people will take advantage of. Ultimately, it’s only a matter of time before we go higher from what I see.

Gold Technical Analysis Video 26.02.18