Gold Price Forecast – Gold markets break major levelGold markets broke above the $1300 level during early trading on Wednesday and continues to grind higher. This has been a very bullish move, and it looks as if the Gold markets are starting to pick up more momentum.
Gold markets rallied significantly during the trading session on Wednesday, showing signs of life again. We had recently sold off rather drastically, but it now looks as if we are trying to recover from the selloff. There was even a trend line that was broken to the downside, and now it looks as if we are trying to reach the bottom of that trend line. Once we get there, it’s very likely that we will see signs of exhaustion, perhaps near the $1320 level.
Gold Prices Video 14.03.19
In the short term though, it looks very likely that Gold will continue to try to climb from here, as long as we can stay above the $1300 level. There is a significant support level underneath at the $1280 level, an area that had been supportive in the past. When you look at the longer-term charts, there is a significant support level at the $1200 level, with the $1400 level being massive resistance.
Ultimately, if we can make a fresh, new high then we will go looking towards the $1400 level. Between now and then though, I think we are going to test the bottom of the trend line, and perhaps sell off from there. If we show signs of exhaustion in that area, then the sellers will overwhelm this market. Ultimately, the next couple of days should be overall positive, but the real fight is about $15 above where we currently trade. Pay attention to the US dollar, because gold tends to move in opposite directions from the greenback.
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