Gold Achieves $1375 Target 20167, $1500 Expected for 2018 / Commodities / Gold and Silver Stocks 2018
Bullish commodity traders and investors in the likes of oil and gold also saw positive returns for the year as Oil ended at a strong high of $60 and Gold at $1310 both inline with my bullish expectations for these commodities for 2017.
Gold had a bumpy but positive year, ending at $1310, up a healthy $160 pr 14% on the year which is inline with my bullish expectations for the precious metal. In fact Gold virtually hit my exact high target for the year of $1375 in September before correcting ahead of its end of year rally to $1310.
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, an expectation I will come back to in an in-depth analysis of Gold and Silver in the coming weeks so ensure you are subscribed to my always free newsletter and youtube channel for my forthcoming in-depth analysis and detailed trend forecasts.
As for the gold miners, well the GDX firmly remains stuck in a trading range. However ultimately I expect GDX to follow the gold price breakout higher.
By Nadeem Walayat
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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
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