Gold Price Forecast July 19, 2017, Technical Analysis

The gold markets rallied during the day on Tuesday, slicing through the $1235 level, and then pulling back to test that area for support where it did of course find it. We sliced through the $1240 level, and that for me suggests that we are going to continue to see buyers enter this market. I think a pullback to the $1240 level should turn the entire market around and go looking for the $1250 level which of course is much more psychologically important. Pullbacks represent value, and the market should continue to be looking at it as such. The inflationary pressures in the United States of course have been helping the US dollar until recently, which as the inflationary pressure fell all, gold markets rallied. I don’t have any interest in shorting, I believe there are plenty of support levels underneath as we stair stepped our way to the upside.

Buying dips

I believe that the market will continue to offer buying opportunities on dips, and therefore I think that you can just simply add to positions going to the upside as we can continue to build a larger position. I think that eventually the $1250 level will not only be targeted, but it could possibly be sliced through. Ultimately, it looks as if we are still going to try to reach towards the longer-term target of $1300 level, which has been massive. Ultimately, I don’t have any Christian shorting this market until we break down below the $1225 level, something that doesn’t look very likely.

Price of Gold Video