Gold Price Forecast January 23, 2018, Technical Analysis

Gold markets continue to look bullish overall, as we have been grinding away to the upside over the last several sessions. However, Monday was a bit quiet, so it looks likely to continue to be a bit of a sideways grinder, and I think that it suggests to me that we are trying to build up the necessary momentum to continue to the upside, or at the very least we are starting to digest the massive gains that we have seen. Obviously, the $1350 level above is a resistance barrier, and we will probably have to build up the necessary momentum in the meantime to finally break above there.

If we do drop from here, I think that the $1310 level underneath should be supportive, extending down to the large, round, psychologically important $1300 level. The markets continue to be very noisy, but I think at this point it’s obvious that the US dollar is going to be on the back foot this year. That should offer nice long-term buying opportunities in gold, and the ability to add on dips. You could buy physical gold, or simply use the CFD markets and add slowly. I believe that the market will eventually go looking towards the $1400 level above, which is the gateway to much higher “buy-and-hold” types of opportunities. If we break above there, the market could extend gains much higher over the next couple of years. This is my thesis, but it’s going to take work to get there.

Gold Analysis Video 23.01.18