Gold Price Forecast – Gold markets grind higher on Friday

Gold markets have shown a little bit of resiliency during the trading session on Friday as we continue to see a lot of choppiness in this market. What I find interesting is that even though the United States Central Bank has suggested that they are going to stay on the sidelines and keep interest rates where they are until at least next year, the US dollar has shown a little bit of resiliency and has gone back and forth quite drastically. This of course has an influence on gold, and at this point I think it’s likely that we continue to bang around between the $1325 level on the top, and the $1300 level on the bottom. Looking at the chart, this becomes a very short term type of market.

Gold Prices Video 25.03.19

If we did break above the $1325 level, then it opens the door to the $1350 level, possibly even higher as it would be such a bullish sign. Keep in mind that part of the reason the US dollar has been strengthening is the bond market, which are breaking out as I record this. The alternate scenario of course is that we see a significant break down below $1300, which could open the door to the 200 day EMA underneath, which is at the $1282 level, and rising ever so slightly. One thing I think you can count on is that it’s going to be very choppy in the gold market, and he simply must pay attention to the US dollar strength and the bond markets.

Please let us know what you think in the comments below