Gold Price Forecast February 2, 2018, Technical Analysis

Gold markets of course have gone sideways as we await the jobs number today, and that of course has a massive influence on the US dollar. That is going to be the major driver of the market during the session today. But I look at pullbacks as potential buying opportunities as the $1325 level is the short-term “floor.” I also believe that the $1300 level is even more important, so I think that if we break down, it’s likely that the market will find plenty of buyers as well.

If we can break above the $1350 level, the market should then go towards the $1365 level, eventually making its way towards the $1400 level which looks very important to me, and a break above there should send a longer-term “buy-and-hold” traders back into the market. Ultimately, it’s likely that the gold markets will do that, and go looking towards $1800. However, it’s taken a while to get there so I think that buying short-term pullback should be the best way to go going forward, offering plenty of value for traders to take advantage of. The US dollar is struggling in general, and I think that’s a longer-term situation. This will be especially true if the Federal Reserve cannot raise interest rates at least 3 times this year, so long term I think that we do see much higher levels. Ultimately, I believe that gold has a bright future this year, and this volatility offers opportunity.

Price of Gold Video 02.02.18