Gold Price Forecast September 28, 2017, Technical Analysis

Gold markets fell during the session on Wednesday, as we have broken below the $1290 level. This is a very negative move, and now I think we go looking towards the $1250 level after that. Ultimately, this is a market that I think should continue to see bearish pressure in the short term, and it’s not unless we broke above the $1300 level on a daily chart that I would consider buying. We may be able to buy at lower levels, but right now it is clear that the gold markets are rolling over and they are truly starting to struggle in general. I think that the markets will continue to be headline driven, and the recent bullish pressure that we have seen flow into the gold markets is due to geopolitical factors more than anything else, and it appears that the situation with North Korea is starting to take the back burner. If that’s the case, then I think it’s only a matter of time before we get stability.

In the short term, I’m a seller of rallies, unless of course we were to break above the aforementioned $1300 level. I think that the market will continue to be choppy, gold typically is, but given enough time I think we will go looking towards the vital $1250 level. That’s an area where I would expect to see significant support, and I expect to see even more down at the $1200 level. I think that the market has such market memory around those areas that we will certainly have to test them unless we get some type of shock to the system. For shorter term traders, I suspect that selling will be the way to go for the next several sessions as we simply roll over.

Gold Price Video 28.9.17