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Gold Price Forecast February 8, 2018, Technical Analysis
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Gold markets have broken down rather significantly during the trading session on Tuesday, slicing through the $1325 level. At this point, it looks like the bearish pressure is starting to pick up.
 Gold markets have fallen significantly during the trading session on Tuesday, slicing through the $1325 level. It now looks as if we are trying to reach the $1300 level, which of course is psychologically important. If we were to break down below there, then I think gold markets will unwind quite a bit. However, the US dollar strengthening could be a short-term phenomenon, and therefore it could keep the downward pressure temporary in gold at best.

If we do break above the $1325 level again, that should send this market much higher. I don’t have any interest in trying to catch a falling knife though, so waiting on a break above that level, or perhaps even a bounce from the $1300 level is probably the way to go. If we break down below the $1300 level, then it’s likely that we will find support at the $1275 level next. The market is very technical and tends to go from one large number to the next. It is a fear-based market that we are looking at right now, as the US dollar has been strengthening against almost everything. Ultimately, I suspect that the longer-term traders get to be looking at this as a buying opportunity, and therefore will be taken advantage of what should be value. However, it can be very difficult to deal with a lot of volatility if you are levered, so at this point I would suspect it’s probably best to trade in small increments when you do jump into the market. Let things settle down, and then add to your position.

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