Gold Price Forecast February 28, 2018, Technical Analysis

Gold markets fell significantly after, is coming from Federal Reserve Chairman Jerome Powell, suggesting that the interest rate hikes would continue, and that of course moves the value of the US dollar higher. However, this should not be much of a surprise, so I think it’s only a matter of time before the buyers come in and pick up value. I believe that the $1300 level underneath will be massively supportive, and I think that eventually the buyers will return based upon value. I think that the US dollar will fall longer-term, as it has from an inflationary standpoint for decades. Ultimately, the European Central Bank looks likely to walk away from quantitative easing, and if that’s the case it will put a negative pressure on the US dollar longer term.

I believe that it will be very noisy in the meantime, but longer-term traders are picking of gold as it is offering value, and I believe that it is only a matter of time before we break out towards the $1350 level, and then eventually the $1400 level. Once we clear the $1400 level, this is a market that should then become a massive “buy-and-hold” scenario, reaching towards the $800 level, and then eventually the $2000 level after that. I have no interest in shorting gold, because there is so much in the way of noise underneath that should continue to lift this market occasionally and form a bit of a base longer term. At this point, I believe in the longer-term story when it comes to gold, because I believe that the US dollar will continue to fall.

Price of Gold Video 28.02.18