Gold Price Forecast – Gold markets continue to grind to the upside

Gold markets have clearly broken out to the upside, slicing through the top of the up trending channel. That’s a very strong sign, but it appears that we are probably going to run into a bit of trouble at the $1300 level as it is psychologically important. Ultimately, I do think that the gold market goes higher but I would like to see a little bit of a pullback, perhaps down to the top of the previous channel, or even the 20 day EMA, pictured in green on the chart. I think that is a nice area to pick up a bit of value as well, and then of course the $1250 level should offer support. Gold markets have been consolidating and longer-term trading between the $1200 level on the bottom and the $1400 level on the top. Because of this, I do think that we may eventually go looking towards the $1400 level, and that makes $1300 important because it is essentially “fair value.”

Gold Price Forecast Video 04.01.19

If we get some type of pullback based upon the jobs figure out of the United States, then you need to be looking at some type of supportive bounce to take advantage of at lower levels as it gives you value. If we turn around and slice right through the $1300 level without pulling back, then we probably will see the $1400 level hit rather quickly. Pay attention to the US dollar, or the so-called “safety bid”, because that could have a major influence in this market.