Gold Prices: Starting 2018 on the Right Foot

US markets opened this morning mixed on the stock side. Down in the dollar, up in gold prices. Of course one day does not a year make – unless it’s a really, really big day.

GLD, the world’s largest unleveraged gold ETF, opened up very close to resistance at 124.66. Forecasts for gold behavior in 2018 range from “average of 1150” all the way to one call for 1526. Experienced traders know that pre- and post-market trading is interesting, but what matters longer-term is what happens during the market’s official hours.

So we’ll watch today’s action, and if volume is good and consistently on the buy side, we’ll start to smile more.  Keep an eye on that GLD 125 level.

Related: How is Gold Doing at the Start of 2018? Here’s What You Should Know. 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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