Gold Price Forecast February 13, 2018, Technical Analysis

Gold markets continue to be volatile, but after initially falling on Monday, we found enough buyers to send the market towards the $1325 level again. By doing so, it looks as if we are ready to break out, and I think we should then go towards the $1350 level, the next area of major resistance. I think pullbacks continue to be buying opportunities, and with the overall attitude of negativity when it comes to the greenback, I believe it’s only a matter of time before the buyers return to start buying gold again. I also recognize that there is a massive amount of support near the $1300 level, so it’s very difficult to envision a scenario in which a willing to sell anytime soon.

Pay attention to the US Dollar Index, because if it falls gold almost automatically goes higher. It does tend to move in concert with the EUR/USD pair as well, so that is another market you can pay attention to get enough confidence to start buying. I would jump in slowly and add as the market goes in your favor. Gold in general is something that I am bullish of longer-term, and I believe that eventually we will go looking towards the $1400 level. Move above there sends the market in more of a “buy-and-hold” scenario, something that I think we will see later this year. In the meantime, we are working our way towards that type of scenario.

Gold Price Video 13.02.18