Gold Price Forecast – Gold markets gap to kick off Thursday

Gold markets gapped higher to kick off the day on Thursday, breaking above the $1325 level. At this point, it looks as if the declining greenback is going to continue to help precious metals overall, and of course the jobs number coming out on Friday is going to have a major influence on what we do next.
Christopher Lewis
Gold daily chart, February 01, 2019

Gold markets gapped higher to kick off the day on Thursday, breaking above the $1325 level, an area that of course will cause some attraction as it seems that gold markets move in $25 increments. With that being the case, I like the idea of buying short-term pullbacks and recognize that we could see a significant amount of volatility going forward. However, I believe that what we are looking at is a potential pullback heading into the jobs figure, and then perhaps a continuation of the pattern. I do not have any interest in shorting Gold, and I think that the longer-term move is probably going to be made to reach towards the next major level on longer-term charts, the $1400 level.

Price of Gold Video 01.02.19

Pay attention to this market, it could be one of the better markets to trade over the next several weeks, as the Federal Reserve has most certainly changed its tune and more importantly its tone when it comes to overall attitude. Ultimately, I believe that the market participants will continue to look to precious metals to not only mitigate problems with the US dollar, but in general concern of geopolitical problems. That being the case, I am very bullish of both gold and silver, as well as platinum as I think precious metals will get a nice bid with Italy heading into a technical recession, the US/China trade issues, the Federal Reserve softening, Venezuelan issues, problems with Syria, and a whole list of major headlines.

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