Gold Price Forecast July 20, 2017, Technical Analysis

Gold markets initially dipped on Wednesday, but found enough support under the $1240 level to turn around and bounce above it again. We continue to jostle back and forth, but I believe that longer-term buyers are starting to get interested in this market as the US dollar has been pummeled. I believe that a break higher will probably have this market looking for the $1250 handle, which is a large, round, psychologically significant number obviously. With this in mind, I am a buyer of dips, and I believe that there should be a significant amount of support at the $1235 level. The market has shown signs of strength over the last several days, as traders are starting to bet that the Federal Reserve cannot raise interest rates as quickly as once thought.

Buying dips

I continue buying dips in gold, and adding slightly to my position over time, giving us the ability to build a huge position. The $1250 level will be an area of interest, but I believe there is even more interest in the $1260 level. That’s an area that I think will be much more difficult to overcome, but it is enticing from a longer-term perspective as it has been an area of significant action on the longer-term charts. I don’t have any interest in selling, unless of course we suddenly see a shift in attitude by the Federal Reserve, something that doesn’t seem likely to happen. That’s not to say that we are going to explode to the upside, just that there should be somewhat of a steady flow of bullish pressure.

Gold Price Forecast Video 20.7.17