Gold Price Forecast – Gold markets retake $1300

Gold markets continue to chop around the $1300 level and as a result it’s very likely that we will continue to see buyers come in on dips to pick up a little bit of value. The 200 day EMA sits below at the $1280 level, so at this point I don’t have any interest in shorting this market, although I do recognize that the volatility could get to be extreme at times.

Gold Analysis Video 18.03.19

If we can break above the highs from the session on Thursday, that should open the door to the $1325 level next. The $1275 level underneath is a massive “floor” in the market, but if we break down below there I think it opens the door all the way down to the $1200 level. At this point I believe that buying on the dips will continue to work.

Looking at this chart, I would expect a lot of noise but that’s typical. The market continues to be driven by the US dollar and of course central bank purchasing. Central banks around the world are relatively loose, as the ECB join the fray just last week. At this point, it makes a lot of sense that gold market should continue to favor the upside longer-term but recognize that gold markets do tend to be erratic. I believe that eventually we will try to retake the previous uptrend line, and if we do that opens the door to the $1400 level longer-term. I do believe that at the end of the year Gold should be higher than it is right now, but that doesn’t mean it will be a straight line.

Please let us know what you think in the comments below