Gold Price Forecast March 21, 2018, Technical Analysis

With the Federal Reserve coming out with an interest rate statement at the end of the day today, and of course traders around the world paying a significant amount of attention to the announcement coming out today, and whether we are going to see 3 or 4 interest rate hikes this year. The more interest rate hikes that we get, the more likely we are to see gold selloff. On the other hand, if we get a return to status quo, the market could rally towards the $1317 level next. I think that gold markets are going to make a larger decision over the next couple of days, so therefore paying attention will be important.

Price of Gold Video 21.03.18

I would also advise that you should have small positions on, at least until that announcement comes out. If we rally significantly, then you can add. Otherwise, I would be looking for buying opportunities at lower levels. Because of this, I am essentially “long only” when it comes to gold but I also recognize that there’s a time and place for everything. Alternately, I like gold to reach towards the $1400 level, but we need to get past this region and announcement to find the consistency and reason to go higher. Adding slowly continues to be the best way if you hold a portfolio of gold. Be cautious, but I do think that there is a possibility of a significant move.