Gold Price Forecast February 16, 2018, Technical Analysis

Gold markets have gone sideways overall during the day on Thursday, as we continue to test the $1350 level for support. It makes sense that it would hold as support, as the level was significant resistance. The market needs to build up a bit of confidence to continue going higher, and I think there is a lot of noise between here and the $1400 level as well. If we can finally break above the $1400 level, then gold really starts to take off. I like the idea of buying dips, and I believe that there is plenty of support below, extending down to at least the $1325 level, and perhaps even lower than that.

If we were to finally break above the $1400 level, then I will add on dips as we go forward, anticipating a move to at least the $1800 level, if not $2000 over the course of the next several months. This would coincide with the US dollar falling in general, so pay attention to the US Dollar Index. This is also seen in the EUR/USD pair, because if it rallies by default the USD Dollar Index should fall as it is over 40% of that index. Overall, I believe that the market should continue to be noisy, but longer-term I am bullish of gold and I think that the precious metals markets in general are getting ready to make a significant move this year. This will be especially true that the bond market continues to selloff in America, unwinding a multi-decade bull market.

Gold Price Predictions Video 16.02.18