Gold Price Forecast February 22, 2018, Technical Analysis

The Wednesday session was very quiet in the gold markets, as we continue to see support near the $1325 level. By forming a neutral candle, the market looks likely to continue to try to go higher, perhaps reaching towards the $1350 level again. If we can break down below the $1325 level, the market probably goes down to the $1300 level where I see much more in the way of support. I believe that the market is a market that is looking to find types of bullish pressure, and perhaps some type of confidence that may have been shattered of the last couple of days. However, when you look at the charts overall, you can see that we have clearly started to show signs of life again.

On the hourly chart, we are showing signs of trying to build a hammer here, so I think that if we can break above the $1335 level, this market is ready to continue the overall uptrend. I like the idea of buying gold, I believe that the US dollar will continue to struggle. Longer-term, I think that the market eventually makes enough momentum to break above the $1400 level, which would turn this into a “buy-and-hold” market. That being the case, I would anticipate that the market will attract a lot of fresh money, and I do believe that if the treasury market starts to sell off again, it’s only a matter of time before the falling US dollar will propel gold even higher.

Gold Price Forecast Video 22.02.18