Gold Price Forecast February 26, 2018, Technical Analysis

Gold markets continue to offer resistance near the $1350 level, an area that has been important several times previously, and when I look at the longer-term charts, I cannot help but see an ascending triangle that should continue to attract a lot of attention. With the US dollar struggling, and treasuries selling off in America, that should continue to drive the price of gold higher. I believe that gold has a lot of work to do to get above the $1400 level, which I think eventually it will accomplish.

I believe that a breakout above the $1350 level should continue to drive this market higher, but I believe we will have several pullbacks, and those pullbacks will be an opportunity to add to the position, perhaps even building up a larger core position. Once we break above the $1400 level, I think that the market then goes to the $1800 level above, and then possibly even the $3000 level after that. I do believe that the gold markets will eventually stride to go to that level, but it’s going to take several months.

I also recognize that the uptrend line should be massively supportive, and a breakdown below there would be very negative. If we can break down below that uptrend line, this market should drop rather drastically. The markets will continue to be very noisy, so jump it very slowly. I believe that levering up in the futures market is going to be very dangerous, but at this point I think it’s only going long that can be done.

Gold Prices Video 26.02.18