Gold Price Forecast March 26, 2018, Technical Analysis

Gold markets broke higher during the trading session on Friday, reaching towards the $1350 level. This is an area that has been very resistive, extending up to the $1360 level above. I think that if we can break above the $1360 level, the market can go much higher. Short-term pullbacks of course should offer buying opportunities, and if we can get some type of calming effect to the potential trade war between the United States and China, that will probably put bearish pressure on gold as well. In the meantime, it looks as if we can buy pullbacks in order to buy value when it appears.

Gold Prices Video 26.03.18

Currently, looks as if the $1300 level is the “floor” in the market, with the resistance being just above. That means that we are closer to the top of the consolidation area than the bottom, so I would be very cautious about putting fresh money into the market until we clear the previously mentioned $1360 level. Once we do, then I think the market goes looking towards the $1400 level. Otherwise, I will be looking at short-term pullbacks as opportunities to pick up gold “on the cheap.” In fact, that’s what I’m essentially counting on as we try to build up a change of attitude and more importantly: momentum. Once we get that, I think that the market is free to go much higher, and that is exactly what I expect to happen over the next several months. In the meantime, I look at this market as one that is simply trying to make a move higher.