Gold Price Forecast January 18, 2018, Technical Analysis

Gold markets as you can see have been very noisy over the last couple of days, and I think that might continue to be the case as we try to build up a bit of volume. After all, there is a significant resistance barrier just above, especially near the $1350 level, and I think that if we can break above there, the market probably goes even higher. Every time we pull back, it’s likely that there will be value hunters willing to step into this market place, with the $1325 level underneath being rather supportive. Most of this is due to the selling of the US dollar, and concerns about currency.

In a twist, Bitcoin which was once considered to be the alternative to gold has been selling off at the same time, so one would have to question whether the Bitcoin traders are starting to pick up gold as well. Regardless, the US dollar has been falling and has broken through significant support, so it’s likely that we will continue to go much higher.

If we were to break down below the $1325 level, the market will probably find plenty of support at the $1300 level next, which was the scene of a massive resistance barrier, and should now be massive support. As we continue to see a lot of buying pressure, I think these pullbacks should be looked at as value and nothing else.

Gold Price Video 18.01.18