Gold Price Forecast – Gold markets power higher on Tuesday

The Gold markets broke above the $1200 level during the trading session on Tuesday and kept going. The market looks likely that it is going to continue to go higher, and I think at this point it’s probably best to start buying pullbacks. The $1200 level should be support now, as it was a significant support and resistance barrier many times in the past. I do think that we are a bit overdone for the day, but I think that it’s only a matter of time before we find buyers based upon value. It’s an obvious move on high-volume that we are going higher, so I think in less the US dollar strengthens dramatically, gold should continue to benefit from this move.

The EUR/USD pair fell during the day, but found support at the 1.15 level, meaning that the US dollar will probably only be somewhat strong, and doesn’t look ready to take off, which of course would work against Gold if it were to happen. At this point, I think that gold is ready to continue climbing and I think that the $1215 level will be a target. Short-term pullbacks continue to be buying opportunities, and I would not be concerned about gold until we break down below the beginning of the significant push higher at the $1195 level. If we broke down below there, that would of course wipe out a lot of the bullish pressure, but with the volume that we have seen during the day I think that is very unlikely.

Price of Gold Video 03.10.18