Gold Price Forecast January 30, 2018, Technical Analysis

I believe that this pullback is somewhat temporary though, as the US dollar has strengthened in the Forex markets. The $13,000 level will be supportive, but then again, I think that the $1325 level could offer support as well, as it has been important in the past. The ferocity of the selloff tells me that we certainly can’t step in front of this falling knife, but if we can get a bounce or a stable daily candle, it might be time to start buying again.

Pay attention to the US Dollar Index, because if it starts falling, it will have broken a significant support level and that should put upward pressure on precious metals overall, and of course gold is the first place that traders get involved when trying to play the precious metals markets. It’s less volatile than Silver markets, but certainly seems to be easier to trade.

The $1360 level has offered a bit of resistance, but I think the major fight will be on her hands near the $1400 level, which clearing that would free the market to be more of a “buy-and-hold” investment, and that traders would come flooding into with fresh, new money. At that point, I would not be surprised at all to see Gold go to the $1800 level again. That’s not to say a go straight up, but it certainly would be a strong sign. In the meantime, I think we are trying to build up a bit of a floor to launch from.

Gold Analysis Video 30.10.18