Gold Price Forecast January 4, 2018, Technical Analysis

Gold markets continue to be choppy, but I think we will continue to go to the upside, perhaps looking towards the $1325 level above, and then eventually the $1350 level. I think that pullbacks offer value, as the US dollar continues to fall in general. That translates to higher pricing in the precious metals markets, which of course gold is the benchmark. I think that the $1300 level below should be the “floor” going forward, and that being the case it’s likely that we will not build a breakdown below there. If we did, that could change everything, but in the meantime, I think that you should look at it as the support. Longer-term, I anticipate that the market is going to go looking towards the $1400 level, as it is a major inflection point on the longer-term charts.

Choppiness could be the norm in this market, and of course with the high risk of geopolitical concerns around the world, it’s likely that gold will get a reason to go higher, if not just because of the anti-dollar sentiment. With the jobs number coming out on Friday, it’s likely that we will get a bit of action in the US dollar towards the end of the week, but in the meantime, it’s likely that we will continue to see a general grind to the upside, but it won’t be until after the announcement that we get a bit of a boost, unless of course something comes out of North Korea.

Price of Gold Video 03.01.18