The gold price had a good start for 2018, rising from 1310 at the start of January to a high of $1367 with the most recent trading price of $1351. Which is set against my forecast for 2018 for the gold price to first target resistance $1375, an eventual break of which would propel the Gold price towards a 2018 target of $1500, and then further for the Gold price to ultimately target a trend towards $1800.

01 Jan 2018 - Gold Achieves $1375 Target 20167, $1500 Expected for 2018

My long-term forecast expectations remain as of more than a year ago that Gold ultimately targets a trend towards $1800, a trend that is pending a break above $1375. As for Gold in 2018, a break above $1375 should see the Gold price target $1500.

Gold Price Feb 2018

The gold price having hit my resistance area of $1375 is now under going its first significant correction of the year before it next attempts to break above resistance of $1375. So unfortunately for the Gold bugs, February looks set to be a month for the Gold price to correct and prepare for that next assault on $1375, which means to expect the Gold price to go much lower than the current $20 or so retracement ($1350), likely falling to below $1300, where an eventual bottom in the $1250 to $1280 support zone.

And with no significant deviation against my forecast expectations so far an in-depth analysis at this point in time is unnecessary. However I will shortly be completing an in-depth analysis of Silver, so ensure you are subscribed to my always free newsletter and youtube channel for this.

GDX Gold Stocks

As for the gold miners, GDX remains firmly stuck in a trading range that ultimately should follow a gold price breakout higher, though I expect things will get a little painful for Gold bugs during February's correction.

Again ensure you are subscribed to my always free newsletter and youtube channel for my forthcoming in-depth analysis and detailed trend forecasts.

By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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