Gold Price Forecast June 28, 2017, Technical Analysis
Gold markets went sideways initially, and then shot through the $1250 level. This is an area where we should see some type of resistance, but if we can continue to go higher, this would be a very bullish sign. I think that we are trying to form some type of base near the $1240 level, an area that has been supportive in the past. With this being the case, I think that the market will eventually find buyers, and longer-term traders are starting to build up a bit of a position. I also believe that the $1200 level underneath is massively supportive, and we have an uptrend line on the longer-term charts that should continue to favor the upside for gold longer term. However, in the short term it’s going to be a very choppy market, so keep that in mind and keep your position size small.
Buying dips
I continue to buy dips in this market in small quantities, and adding to what should be a longer-term moved to the upside. There are a lot of reasons to think that gold may go higher, not the least of which is going to be the continued geopolitical issues around the world, and that means that the markets could be very volatile and move rather rapidly. Once we break to the upside, I believe that the market should then go to the $1258 level, and then eventually the $1275 level. The market break above there should send this market to the $1300 level as well, and I believe that we will continue to see pullbacks over the longer term that you can add small bits to your position, and therefore make a significant profit on what I think is can be a longer-term grind higher.
Price of Gold Video 28.6.17
This article was originally posted on FX Empire
