Gold Price forecast for the week of March 19, 2018, Technical Analysis

Gold markets initially tried to rally during the week, but then rolled over to reach towards the $1310 level. I think that there is plenty of support at the $1300 level as well, so I’m not ready to start selling quite yet. In fact, I do believe that gold goes higher over the longer term, and if you look at the markets, you can see that there is a potential up trending channel that we have been following for some time. I think that if we can break above the $1350 level, the market probably goes to the $1400 level.

Gold Technical Analysis Video 19.03.18

Ultimately, I think that short-term pullbacks offer buying opportunities, and I will continue to look at this market as such. If we break down below the $1250 level, that would be a very negative sign, and could send this market even lower. In general, I believe that the market should continue to go to the upside. I think that the overall attitude of the market will continue to increase to the upside as inflationary pressures continue. Beyond that, we have the possibility of significant geopolitical headlines crossing the wires, and that of course will push this market much higher as gold can be thought of as a safety haven occasionally. With the trade war possibility coming out, it’s likely that gold could get a bit of a bid because of that as well.

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