Gold Price Forecast March 9, 2018, Technical Analysis

Gold markets initially drifted a little bit lower during the trading session on Thursday, as the US dollar has rallied. This sent gold markets down towards the 1320 level, an area that has been support in the past. Because of this, I think that the market may bounce a bit from here, unless of course the US dollar rally significantly. Overall, I believe in gold longer-term, so when these moves happen, it will quite often offer buying opportunities. The 1315 level underneath also offer support, so keep that in mind. I think it’s only a matter of time before the buyers get involved, and those buyers should look at these prices as an opportunity.

Ultimately, the 1350 level above is massive resistance, and I think that if we can break above there the market will be clear to go much higher, perhaps reaching as high as 1400. They move above the 1400 level allows this market to continue a longer-term “buy-and-hold” scenario and should send this market the much higher levels, perhaps 1800 or even 2000. I don’t have any interest in shorting gold right now, I believe that we will continue to see traders pick up the gold markets every time the price drops enough to offer value. I think at this point, we will continue to see people getting involved at lower levels and treating the gold market very much like we have seen the stock market treated over the last couple of years.

Price of Gold Video 09.03.18