Gold Price Forecast March 29, 2018, Technical Analysis

Gold markets broke down rather significantly during trading on Wednesday, slicing below the $1330 level. By doing so, I think that we are reaching towards the massive support level underneath that should continue to find buyers, but at this point I wouldn’t jump in right away. I believe in buying value when it appears, but I’m waiting to see signs of support first. Perhaps a bit of a bounce could get the market moving, and I think that the $1325 level will probably be the beginning of buying.

If we break down below there, the next support level is close to the $1300 level, which of course is a large, round, psychologically significant number, and an area that we have seen support at in the past. Pay attention to the US dollar, it has a significant effect on what goes on the gold market as well, as it does tend to move in the exact opposite way. I believe that the market will continue to be noisy, but if we get a bit of a move higher in risk appetite, I think that the gold market will rally as well. There has been a lot of choppiness as of late, so traders will be cautious about putting too much money into a risk appetite such as precious metals. Currently, looks like short-term traders are going to continue to push towards the $1325 level, but below there I would expect to see buyers.

Gold Price Predictions Video 29.03.18