Gold Price Forecast March 28, 2018, Technical Analysis

Gold markets broke down significantly during the trading session on Tuesday, slicing through the $1350 level, and reaching towards the $1340 level. It’s likely that the market will find buyers underneath, as we have been in such a strong uptrend. With the US dollar starting to sell off during the American session, it’s possible that we may see gold rally from that reason alone. Beyond that, we have the obvious geopolitical concerns about a potential trade war, and if those flareup again it’s likely the gold rallies as well.

The $1350 level was important, so I believe that the market would continue to be very noisy, but it would also need to make a couple of attempts to finally break out. Once it does, the market could go to the $1400 level, which is the gateway to much higher prices, perhaps even as high as $2000 over the longer term. If we were to break the $1400 level, I think that a lot of fresh money would come into the market, driving it much higher.

We could fall from here though, as we have more than once. I expect to see a lot of support near the $1325 level, an area that has been resistance in the past. The longer-term attitude of the market seems to be higher, but it’s going to take a significant amount of momentum to finally break above the resistance that we just tested. I don’t see gold breaking down significantly and believe that there are several support levels underneath that could keep the market afloat.

Price of Gold Video 28.03.18