Gold Price Forecast March 16, 2018, Technical Analysis

Gold markets have fallen rather significantly during the trading session on Thursday, reaching down towards the $1315 level. This is an area that has been supportive more than once, so I would not be surprised at all to see some type of bounce here. With that in mind, I would be willing to buy a small position, expecting a return to the $1330 level above. If we broke down below the region that we are in now, then I think buyers will return closer to the $1300 level. Remember, this pair is highly sensitive to risk appetite, and the US dollar has rallied a bit during the day, so that of course can cause downward pressure here.

Price of Gold Video 16.03.18

The market looks likely to continue to be very noisy, and I think that you will need to watch your position size because of this. At this point, I’m going to be very patient, but I think that this is going to present a buying opportunity that you can take advantage of and continue the overall back and forth trading. I don’t have any interest in shorting this market anytime soon, so I’m looking for buying opportunities only, and I think that the market participants will continue to do the same for the most. I don’t have any interest in shorting this market, as I see far too much in the way support underneath, and I also recognize that the geopolitical concerns around the world having done away, so we could have a bit of a run towards gold if there is panic.

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