Gold Price Forecast March 15, 2018, Technical Analysis

The $1325 level has been important more than once in the gold markets, as it was resistance over several sessions earlier in the week. It now is offering support, but it would not surprise me to see this market reach back towards the $1318 level. Alternately, if we can break above the $1330 level, gold could rally again. I think that we are in an area that could be very noisy and dangerous, so I would be very cautious about putting a lot of money to work in the gold market ahead of time, as we have economic announcements coming out of the United States that could move the marketplace over the next several sessions.

Gold Price Video 15.03.18

I believe that the “hard floor” in the market is closer to the $1300 level, so I think that the level should attract a lot of attention. I believe that given enough time, we will go looking towards the $1350 level, I think that a break above there should send this market looking towards the $1400 level, which is the gateway to much higher pricing, perhaps to the $1800 handle, and then the $2000 level. That is my longer-term target, but I recognize that it will be very noisy, and I think that short-term pullback should be buying opportunities. If we break down below the $1300 level, it’s likely that the market could go down to the $1275 level underneath. However, I believe that longer-term the buyers will win this argument, so therefore I prefer to buy the dips as they occur.

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