Gold Price Forecast March 19, 2018, Technical Analysis

Gold markets should continue to be very noisy, as we had initially rally during Friday but then Saul sellers get back into the marketplace. I think the $1300 level underneath continues to be support, and I think that we will eventually find that an area that attracts enough attention to have buyers return. However, if we were to break down below the $1300 level, I think that the market will probably go looking towards the $1275 level. We have been in an uptrend for some time, although it’s been very noisy. I recognize that there has been a bit of a “risk off” trade as of late, and that of course has been hurting the gold markets. With the rising US dollar, that typically will work against the value of gold, but it doesn’t have to.

Gold Prices Video  19.03.18

I think that ultimately, we will find buyers, so I’m waiting for some type of bounce, or perhaps even a hammer on the daily chart to start buying. I think that the market then goes looking towards the $1350 level, and then eventually the $1400 level above. Once we clear that level, then gold is free to become more of a “buy-and-hold” market place. Until then, expect a lot of choppiness but I look at these pullbacks as buying opportunities. There are far too many moving pieces out there to think that there won’t be some type of headlines across the wire soon that will put traders into the gold markets.

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