Gold Price Forecast January 29, 2018, Technical Analysis

I believe the gold markets will continue to rally over the longer term, so my analysis has that bias. That’s not to say that I am willing to buy right now, only then I’m looking for buying opportunities. I believe that the $1340 level underneath should be supportive, and I think that the buyers should return closer to that level. We are in an uptrend, but we have gotten a bit overextended on the longer-term charts, giving me an opportunity to buy gold at lower levels. I don’t have any interest in selling gold, the US dollar is simply far too weak to consider trading against it.

Longer-term, I fully anticipate that the market is going to go looking for the $1400 level above, which is the gateway to much higher pricing. That would open a “buy-and-hold” scenario, and I think that money would come flooding into this market at that point. Longer-term, we could go as high as $2000, especially if currency traders continue to sell the US dollar. Alternately, pay attention to the US Dollar Index, because it gives us an idea as to where gold could go. I believe that longer-term traders will continue to look for higher levels. I believe that if we did somehow break down below the $1340 level, the next major support level is closer to the $1325 level underneath. I have no interest in shorting, I believe that longer-term traders will continue to accumulate precious metals, and of course gold will be the major beneficiary.

Gold Prices Video 29.01.18