Gold Price Forecast August 15, 2017, Technical Analysis

Gold markets initially went sideways on Monday, but then dropped down to the $1280 level to find buyers. The question now is whether or not we can continue to go higher, but now that we have rolled over a little bit, I think that perhaps gold is starting to pay attention to the fact that we are getting close to the top of the longer-term consolidation area going back the entire year, so it’s possible that we are starting to see more of a return to the mean type of trade.

If we can break down below the $1275 level, the market should then go down to the $1250 level after that. If we don’t, then I think we continue to bang around just above that level, as I recognize that the $1300 level is such a massive barrier. Most of the gains in gold have been due to the geopolitical concerns with North Korea, which seem to be coming down. Because of this, I’m looking for an opportunity to sell this market, and have no interest in buying this market until we break above the $1300 level. Ultimately, I don’t think that happens in the short term, so I believe that the sellers will continue to jump into this market, and Ryan the longer-term consolidation back down to at least the $1250 level, possibly even as low as the $1200 level after that.

Gold Analysis Video 15.8.17