The gold markets have rallied a bit during the trading session on Monday, but keep in mind that the market is thin due to Americans celebrating the Martin Luther King Jr. birthday. Because of this, volume is an issue and is very likely that the moves will be bullish longer-term, but pullbacks should be thought of as buying opportunities. The $1325 level underneath should be supportive, and the absolute bottom of the uptrend is the $1300 level. As the US dollar continues to be sold off drastically, and of course favors gold as it is a bit of an “anti-dollar trade.”

I believe that breaking above the $1350 level should be a bullish sign, and a move above that level should send this market to the $1375 level next, and the longer-term target that I have had for some time, $1400. I think that every time we pull back, people will be looking at it as an opportunity to pick up value, and I also believe that buying and holding gold would probably to be the best way to go. You CFD markets, binary options, and even physical gold to take advantage of what I believe is going to be an opportunity going forward. The US dollar looks as if it’s in serious trouble, and because of this I not only anticipate see in this market reaching the $1400 level, but going much higher than that. I have no interest in shorting this market anytime soon.

Gold Analysis Video 16.01.18

This article was originally posted on FX Empire

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