Gold Price forecast for the week of March 12, 2018, Technical Analysis

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Updated: Mar 11, 2018, 13:23 GMT+00:00

Gold markets were going back and forth during most of the week, and of course we continue to struggle to find some type of directionality. However, I have a couple of obvious levels of that I am paying attention to, and I believe that we will eventually make a move that can be traded.

Gold markets went back and forth during the week, testing the $1340 level for resistance, and the $1310 level for support. In general, the market looks very likely to see a lot of choppiness, and at this point I look at the $1350 level above as massive resistance, and I believe that breaking above that level sends this market much higher, especially when get a weekly candle closing above there. The $1300 level underneath is massively supportive, and a weekly close under there would have me looking to short this market. However, I think that the market is trying to build up overall pressure to the upside, and when you look at the weekly chart you can make out a significant ascending triangle. By using the measurement of that potential ascending triangle, we could be looking at a move to the $1500 level on the break out.

Gold Prices Video 12.03.18

Alternately, if we were to break down below the $1300 level and close below there on the weekly chart, we could drop down to the $1250 level after that. Expect volatility, because the US dollar course has is influence on this market, and with the shooting star being formed on the weekly chart I think we will probably start out being a bit soft, but I do think that the buyers will get involved closer to the $1300 level. Ultimately, I think we will bounce and find buyers, but I will wait until we get some confirmation.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.