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

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. · FX Empire

Christopher Lewis

Updated Fri, Mar 9, 2018, 10:34 PM

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.

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.