Gold Price Forecast – Gold markets rally early on Tuesday

Gold markets rallied a bit during the trading session on Tuesday, reaching towards the $1300 level. That’s an area where we will see a lot of resistance based upon a large, round, psychologically significant figure and of course the 50 day EMA.
Christopher Lewis
Gold daily chart, March 13, 2019

Gold markets rallied a bit during the trading session on Tuesday, reaching towards the $1300 level. This is an area that of course will attract a lot of attention due to the fact that it is a large, round, psychologically significant figure. Beyond that, we have the 50 day EMA which will attract a lot of attention as well. We are currently trading in the middle of a gap from a couple of weeks ago, so it makes sense that there is a bit of resistance. However, if we can get at least an hourly close above the $1300 level, then the market could go towards the $1320 level next.

Gold Price Predictions Video 13.03.19

To the downside, I look at the $1275 level as a massive support barrier, and it’s very unlikely that we will break down through that level easily. The bounce has been supported with reasonable volume, so ultimately I do think that gold rallies. However, we need the US dollar to selloff in general, which will give us a bit of a boost in the precious metals market overall. Longer-term, this is a market that has been very noisy as of late, but it looks very likely that we have tried to form a bit of a bottom so far. Is very important to notice that the heaviest volume was on Friday, when we recovered. That’s a very good sign so therefore I do Lena bit towards the upside and feel much more comfortable buying short-term pullbacks show signs of support on lower time frames, or of course taking the break out that I mentioned.

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