Gold Price Forecast February 9, 2018, Technical Analysis

Gold markets have exploded to the upside during trading on Thursday after initially falling. It looks as if the US dollar is starting to roll over again, as risk appetite is coming back into the market. We have a clear barrier at the $1325 level above that could cause some issues though, so keep that in mind. If we can clear that level, then the market should go much higher. The gold markets have been sold off rather drastically over the last couple of days, as people got nervous about stock market performance. However, I think that we are starting to see a bit of a bottom, and volume is good.

Longer-term, I believe that we will eventually go looking towards the $1400 level, and once we clear that it becomes more of a “buy-and-hold” scenario. On the hourly chart, we have made a “higher high”, so that of course is the first signs of positivity. Alternately, if we do break down from here I think that the $1300 level will be massively supportive and should keep the market somewhat afloat. Now that we have made a “higher high”, I think that a lot of value hunters are starting to come back into the marketplace as we have bounced from the lowest pricing in over a month.

Gold markets are notoriously volatile, but when you get them right, they pay off quite nicely. Keep your position size small, as the market seemed jittery all around, not just in the gold pits.

Gold Outlook Video 09.02.18