Gold Price Forecast September 26, 2017, Technical Analysis

Gold markets initially fell on Monday, but turned around to show signs of support as we broke above the $1300 level again. This was due to comments coming out of North Korea, suggesting that North Koreans would shoot down US bombers wherever they found them, but let’s be honest here – that’s an empty threat. Because of this, I believe that the computers jumped into start trading immediately, as the geopolitical headlines are reacted upon without thought. However, given enough time it’s likely that the market will roll over again as things calm down, because quite frankly the market is starting to get used to this type of situation. I believe that the market should continue to be volatile, but ultimately, I believe that the market should continue to cause quite a few headaches for traders around the world. I think that the $1300 level will be a bit of a magnet for price, but I think that ultimately, we need some type of clarity before putting money to work.

Currently, I believe it’s only a matter of time before we start selling off again though, because the reaction was due to words, not actions. If we did break above the 1003 at $15 level, at that point I think that the market will probably go higher. However, we are far from that level so I think it is likely that this spike in price will be a nice selling opportunity. I think that if I was going to play the precious metals markets due to geopolitical news, it’s most certainly going to be gold over silver, as gold certainly tends to lead the way for precious metals overall. We have a long way to go to wipe out the impulsive candle to the downside after the Federal Reserve suggesting they were going ahead with balance sheet shrinking, so at this point I’m still not apt to start buying.

Gold Analysis Video 26.9.17