Gold Price Forecast March 8, 2018, Technical Analysis

Gold markets pulled back slightly during the trading session on Wednesday, reaching towards the $1330 level. That’s an area that is previous resistance, so it makes sense that it could offer support now. As the Americans are coming back on board, I’m watching them start to stabilize this market, and I think we are going to go looking towards the $1340 level next, followed by the important $1350 level. A break above that level sends this market much higher, perhaps reaching towards the $1375 level. I look at the charts longer-term and recognize that a break above the $1400 level frees this market to more of a “buy-and-hold” attitude.

I like buying short-term dips, and I recognize that they offer value propositions for those who are keen to hang on to the longer-term uptrend that could be trying to exert itself. I recognize that the US dollar is going to be very influential as well, as if it starts to sell off that should put a bit of a boost in the gold market also. I think that given enough time, we will break out to that buy-and-hold scenario, but this could take all year. For short-term traders, I believe that buying on the dips and picking up $10 at a time is probably about as good as this market will get. I recognize the $1300 level below as the “floor” in the overall market. A breakdown below that level would change a lot of things and have me reevaluating the entire situation.

Gold Price Video 08.03.18