Gold Price Forecast March 5, 2018, Technical Analysis

Gold markets have rallied a bit during the trading session on Friday, as fear comes back into the market based upon tariffs being levied on steel and aluminum imported into the US. There is fear that there will be some type of trade war flareup, and that of course brings a lot of risk aversion into the marketplace, which is good for gold. I believe that the market will eventually go higher, perhaps reaching towards the $1340 level, and then eventually the $1350 level. I believe in gold longer-term anyway, so this is only going to add fuel to the fire.

I believe that the $1300 level underneath should be massively supportive, and now that we have broken above the recent dip that we had seen over the last several sessions, it looks as if the market is ready to continue to show signs of life. I don’t think it’s going to take much to scare the market as trade wars are something that continues to be a major concern for people out there. I believe that gold will continue to be somewhere the marketplace runs to for safety, and I anticipate that longer-term we are looking for a break above the $1350 level, and perhaps even the $1400 level after that. I also recognize that the $1300 level should be a significant floor in the market, and therefore there should be plenty of buyers getting involved. Buying on the dips continues to be the best way to play gold, adding in small increments from what I see.

Gold Prices Video 05.03.18