Gold Price Forecast June 26, 2017, Technical Analysis

Gold markets shot higher during Friday trading, as we broke above the $1250 level. By doing so, then we reach towards the $1255 level and offered enough support in that area to continue the uptrend that we have started over the last couple of days. If we can break above the top of the range for the session on Friday, I think that the market will then go hunting for the $1260 level, and eventually the $1270 level. The gold markets continue to be an area where money flows into in reaction to negative headlines, and of course the US dollar rising and falling. I believe that the gold markets will continue to attract money, every time there is some type of geopolitical concern as the market looks at gold as a bit of a safety play.

Buying dips

I continue to believe that buying dips will be the best way to go, adding small positions as we climb. However, if we break down below the $1250 level, then the market will roll over significantly. Ultimately, the markets continue to be volatile, but when you look at the longer-term charts there is a bit of an uptrend line just below and that being the case it’s likely that we will continue to go looking for the $1300 level above which is the top of the ascending triangle. I have no interest in shorting this market, as there is a certain amount of buying pressure going forward. Once we break above the $1300 level, the market could go much higher as the market has been working on trying to build up enough momentum to continue the buying. Selling isn’t an option until we break down as I mentioned previously.

Gold Prices Video 26.6.17