Gold Price Forecast – Gold markets drift lower on Friday

Gold markets of course have been very choppy over the last several sessions, hugging the $1225 level. We are in an uptrend channel, which of course shows signs of the market trying to pick it up, but I think gold is going to continue to struggle as long as the US dollar is strong. Looking at the longer-term sure, the $1200 level is the bottom of the overall range that we have been in for some time, so I think that there is plenty of reason to think there is support underneath. However, if we break through the uptrend line, I believe that the $1200 level will of course be crucial as well. If we were to break down below that level, then a bearish flag comes into play based upon the weekly chart, which should send this market down to the $1000 level based upon the measurement.

Gold Price Forecast Video 03.12.18

If we break above the $1250 level, then I think the odds increase that we continue to go back and forth between the consolidated area and should send this market back towards $1400. This is a market that has a lot of volatility built into it, and I think of course will pay great attention to the greenback and where goes next. We are at an inflection point for global growth, trade tensions, and the greenback overall, and I suspect that we need to watch these areas mentioned previously as to how to trade for the long term. Short-term traders will probably continue to go back and forth in a relatively tight range.