Gold Price Forecast – Gold markets struggle on Wednesday

Gold markets initially tried to rally during the day on Wednesday but gave back the gains to turn around and break towards the $1310 level. As we have broken down a bit, it’s very likely that we will go down towards the $1300 level to find buyers. The 50 day EMA is in that vicinity so I would anticipate a lot of interest. Beyond that, it of course is a large, round, psychologically significant figure that should have a lot of interest attached to it.

Gold Price Video 28.03.19

Ultimately, the gold market is going to be highly sensitive to the risk appetite of traders around the world, as there are so many moving pieces out there that it continues to be very difficult to get overly excited at one point or another. If we were to break down below the $1300 level it’s very possible that we will go hunting for the $1280 level, or perhaps even the $1275 level underneath there that features the 200 day EMA.

A break down below there would change the trend overall and confirm the larger trend line break as something of significance and open the door down to the $1200 level underneath. That is the bottom of the larger consolidation area that has been in effect for months, as $1200 has been the support, with the $1400 level above being resistance. At this point, a tighter consolidation phase between the $1300 and the $1325 level looks to be very likely. Because of this, I will be using short-term charts to go back and forth.

Please let us know what you think in the comments below