Gold Price prediction August 9, 2017, Specialized Analysis Gold markets went sideways during the day on Friday, as we continue to fight resistance at the $1290 level.
I think that there is even more resistance at the $1300 level, so I believe that it’s only a matter of time before the sellers get involved.
I believe that the market should then find its answer relatively soon, and if we can break above the $1300 level, we could go much higher.
A break above the $1300 level would of course be very significant, but I don’t know that we have the ability to do so quite yet.
Short-term, I believe in sellingI think the gold has reached its high currently, but recognize the importance of the $1300 level.
Gold Price Futures (GC) Specialized Analysis – August 4, 2017 prediction
as mentioned in December Comex Gold futures are trading flat-to-slightly higher shortly ahead of the release of today’s U.S. Non-Farm Payrolls report.
A weak report could send the U.S. Dollar lower which would make the dollar-denominated gold market a more attractive investment.
Gold traders should also be watching the price action in the U.S. equity markets.
Technical AnalysisThe main trend is up according to the daily swing chart.
ForecastBased on the current price at $1275.50, the direction of the gold market today will be determined by trader reaction to the uptrending angle at $1277.40.
collected by :Irax John