Gold Price Forecast June 9, 2017, Technical Analysis

Gold markets drifted a bit lower in the beginning of the session on Thursday, and then sliced down rather significantly towards the $1275 level. We found a bit of support there, and formed a perfect hourly hammer, which is now being followed by another hourly hammer. I believe that the 61.8 Fibonacci retracement level being just behind the level that we fell to offer us a bit of support as well. I believe that the market should continue to go much higher, perhaps reaching towards the $1300 level after that. I have no interest in shorting gold, I think there are far too many headline risks out there that could cause this market to fall apart for any real length of time. I believe that the gold markets continue to offer a bit of a safety hedge against several geopolitical issues out there, so therefore I think that we will eventually have buyers regardless of what happens.

If you are looking for value, it may have just presented itself.

If you’re looking for value in the gold market, we may have just found it at this area. Because of this, I have just initiated a long position, although I recognize there should be a significant amount of volatility. The fact that we found buyers in this area should not be a huge surprise, it offered resistance in the past and of course the above-mentioned reasons also come into play. Given enough time, I feel that the market will not only reach $1300 level above, but break above there as well. It might be choppy going forward, but I think there is still quite a bit more risk to the upside rather than the downside when it comes to the precious metals markets currently.

Gold Price Predictions Video 09.6.17