Gold Price Forecast March 6, 2018, Technical Analysis

Gold markets continue to be a bit volatile, and I believe that the market needs to break a fresh, new high on the hourly chart to start putting money to work, but when it does I think we probably go to the $1340 level after that, and then eventually the $1350 level. I alternately look at the $1300 level underneath as a massive “floor” in the market, and I think that the $1300 level must hold if we are going to continue to see more upward proclivity. If we break down below the $1300 level, then the market probably drops down to the $1275 level.

I think that the gold markets will eventually go looking towards $1400, which would be a major breakout if we can get above it. In the meantime, I think we are going to continue to see gold chopping around in very small ranges, so be quick to take your profits when you come out ahead. As far as shorting is concerned, I don’t know that a breakdown below $1300 would have me doing it, but I also recognize that would be negative. At that point, I think we would probably have to reset a bit, perhaps looking for that stringent support I mentioned previously at the $1275 level.

Keep in mind the volatility will of course continue to be strong in this market, but that’s nothing new to a gold trader. I think that the market will continue to be very noisy, so keep your leverage low.

Gold Analysis Video 06.03.18