Gold Price Forecast July 7, 2017, Technical Analysis

Gold markets have been very volatile on Thursday, as we bounce around the $1225 overall. This makes quite a bit of sense of, because the market is waiting to see what happens with the Nonfarm Payroll Friday announcement, which has a massive effect on the interest rate Outlook for the Federal Reserve. There are a lot of questions when it comes to what the Federal Reserve will be able to deal later this year, and since everything is “data dependent”, people have read into that that the Federal Reserve will be watching the jobs market overall. I think that is a sign that the market should continue to be volatile as we should figure out what’s going to happen next. The Federal Reserve raising interest rates course is negative for gold, and if the jobs number strong, I think that Wilson gold much lower, perhaps reaching down to the $1200 level.

The importance of the $1200 level

The importance of the $1200 cannot be overstated, because if we break down below there think that the market is probably going to drive down to the $1000 level over the next several months, as it would be a breach of major support. Alternately, if we break above the $1230 level, I think that we will then go to the $1240 level. A turnaround in the gold market would signify that perhaps the Federal Reserve won’t be able to raise interest rates as quickly as they are suggesting, and that being the case it should not only bring the value of gold up, but the value of the US dollar much lower. This is a market that I think will be very important during the session, so therefore I will be watching what happens next.

Gold Price Predictions Video 07.7.17