Gold Price Forecast October 30, 2017, Technical Analysis

Gold markets went sideways during most of the session on Friday, and then dipped towards the $1262 level. We found buyers in that area, and then rallied significantly to test the $1272 level later. The market is probably going to reach towards the $1275 level above, which has been a bit of a magnet for price. I would expect to see sellers in that area, especially if the US Dollar Index continues to show strength. Overall, the market will continue to be very noisy, as the strength of the US dollar is increasing due to the interest rate hikes coming from the Federal Reserve. Alternately, if we were to break above the $1280 level, the market then goes higher, perhaps reaching towards the $1300 level. Ultimately, this is a market that I think has a lot of noise built in, and of course the geopolitical issues will continue to be a factor.

Overall, CFD trades and options are probably the best way to trade the gold market, unless of course you can buy physical gold. If we were to break above the $1300 level above, that would be very bullish, as it would continue what had recently been a breakout. However, we are within the previous consolidation area, so it seems as if the market has given up a little bit on gold. It is because of this that I think that sellers will return eventually, so my default position would be to sell gold on short-term rallies. Nonetheless, I do not expect any type a significant move anytime soon, unless we have a major world event, which of course is always a threat as we cannot predict them very often. Overall, this is a noisy market, so small positions are recommended.

Gold Prices Video 30.10.17