Gold Price Forecast – Gold markets pulled back slightly on Tuesday

Gold markets initially tried to rally during the trading session on Tuesday but found enough resistance at the $1325 level II rollover and start falling again. The previous uptrend line is just above there, so it’s very likely that we can continue to see a lot of action in this area. To the downside, we have the 50 day EMA near the $1300 level. That of course will attract a lot of attention, and now it looks like we are going to continue to go back and forth.

Gold Outlook Video 27.03.19

At this point, I’m looking to go back and forth and short-term trades, but eventually we will break out of this range. If we can get a daily close above the $1330 level, then we could go to the $1350 level. On the other side of the equation, if we do break down below the $1300 level, we could very well find the market going down to the $1280 level, possibly even the 200 day EMA which is down at the $1275 level.

I think you should pay attention to the US dollar, and how it behaves. If the US dollar strengthen significantly that will probably weigh upon the gold market, but if it sells off it’s likely that Gold will continue to be driven higher. I think at this point though we are in an area where we are making longer term decisions, so in the short term small opportunities present themselves, but eventually we will make a larger move that we can follow.

Please let us know what you think in the comments below