Gold Price Forecast August 4, 2017, Technical Analysis

Gold markets fell a bit during the day initially on Thursday, but as you can see have recovered quite nicely. I think that part of what we are seeing is a significant reaction to the dovish Bank of England announcement, but quite frankly the focus over the next 24 hours will be the jobs number coming out of the United States. Pay attention to what the US dollar does, gold will probably move in the opposite direction. I think that the $1250 level below is a bit of a “floor.” If we were to break down below there, that could send this market much lower. In the meantime, looks as if it is a buy on the dips type of scenario, and if we can break above the $1275 level, I think we are going to the $1290 level after that.

Noisy day

I believe at best today is going to be noisy. Because of this, is very likely that we will continue to see significant volatility and therefore it’s probably best to stay away from gold during the session. This will be especially true near 8:30 AM Eastern Standard Time, as the announcement will cause the US dollar to go wild. This could be one of the more important jobs figures coming out during the year, and will have a massive effect on what happens with the US dollar, and that of course will affect this market. Overall, I have more of an upward bias but I know that these days can cause a significant amount of trouble, so I am patient enough to wait to see what the reaction is and then trade accordingly.

Gold Price Predictions Video 04.8.17