Gold Price Forecast March 12, 2018, Technical Analysis

Gold markets initially drifted a bit lower during the trading session on Friday, testing the $1313 level before bouncing. Ultimately, the United States adding 313,000 jobs during the month of February suggests that we are going to continue to have a bit of a “risk on” move going forward. I believe that the gold markets will then eventually go looking towards the $1330 level, and then possibly the $1340 level. I believe that looking at the longer-term chart shows clearly that we are in consolidation between the $1300 level on the bottom, and the $1350 level on the top.

Ultimately, I do think that we managed to break out to the upside in the long term, but it is going to be difficult at times as this market does tend to be very volatile. I think that given enough time though, we are going to go reaching towards the $1400 level longer term, which is a way to send this market towards the $1800 level. As a side note, the weekly chart looks as if it is signaling that a breakout to the upside frees this market to go to the $1500 level. At this point, I like buying dips in the market, but I would do so in small positions as the volatility will continue to make it very dangerous to jump in and out of the markets. I believe that a breakdown below the $1300 level would be a very negative sign.

Gold Price Predictions Video 12.03.18