Gold Price forecast for the week of December 18, 2017, Technical Analysis

Gold markets went back and forth during the week, touching the bottom of the range and bouncing, suggesting that perhaps we are continuing what could have been the beginning of an uptrend line. If we can break above the top of the candle, I think we go looking towards the $1300 level, and I would be the first point out that each low keeps getting higher when you look back over the course of the last year. If we can break above the $1300 level, gold should supercharge to the upside, perhaps reaching towards the $1350 level. Alternately, if we break down below the uptrend line, I think that the market probably goes down to the $1200 level next. If we were to break down below there, that would be extraordinarily negative.

The US dollar looks very sensitive to the downside pressure, and it’s likely that the gold markets will reflect a negative US dollar, driving much higher. It will be volatile, so physical gold might be the best way to play, unless of course you have the right size the count to trade futures market. That could have this market really rallying, but at this point I suspect it’s easier to buy physical gold, or trade a small position on the CFD exchange of your choice. The volatility will of course be influenced by tax bills coming out of the United States, or not for that matter, and of course any type of risk on or risk off attitude. Be careful, this market can be very volatile Sue do not overlap yourself.

Gold Technical Analysis Video 18.12.17