Gold Price Forecast December 21, 2017, Technical Analysis

Gold rallied initially during the trading session on Wednesday, then pulled back to test the support underneath, before rallying yet again. That is a very bullish sign, and I think that the market is going to go looking towards the $1275 level, and that of course the $1300 level beyond that which has been significant resistance. I believe that short-term pullbacks continue to be buying opportunities, and I will add to my position slowly as we go to the upside. Beyond that, this is the runtime year to expect a lot of volume, so I think that being patient is going to be necessary on forward, so keep that in mind. I like the idea of picking up value in gold, and once we break above the $1300 level I think that is a market moving event that should give us more of a “buy-and-hold” situation.

If we were to break down below the $1250 level, that would be very negative, but I believe that we continue to have enough buying pressure to keep this market afloat. The US dollar course will have its effect on gold markets as well, which currently looks as if it is going to fall in value against the Euro, the British pound, and many other currencies. Because of this, I think that gold is going to be one of the better trades for the beginning of next year, as traders are jumping and now. Once we get a significant amount of volume back into the market, we could take off at that point.

Gold Price Video 21.12.17