Is the gold price setting up for a big move in March?
With the end of the month coming on Wednesday there are some important trading levels to watch for which should give us a good indication of what’s in store for the gold price during the month of March.
In terms of $ gold the price really needs to hold above the $1756 if we’re going to see some fireworks in March. At the moment gold is hovering around the $1776 level and there appears to be decent buying when the price heads down to the $1760 level.
If gold can hold these levels going into the month close it will be the second highest month close ever in terms of $ gold.
In terms of € gold the highest ever monthly close for gold was achieved last month at €1327 – right around the level we are trading today. A close above this level on Wednesday would mean two consecutive months of all time highs – something last achieved in July and August of last year.
In terms of gold price in £s a close on Wednesday above £1124 would be the highest monthly close ever seen in sterling.
In all the above currencies we can see that gold is up around 15% already for the year. As we’ve noted before the world and his dog seemed to writing gold off back at the end of December – but right now we’re sitting at some very interesting levels as we approach the month’s end and if these levels hold then March is shaping up to be very interesting.
Should we close the month at these levels don’t be surprised to see $1830 very quickly in March – a 3% move from today’s levels. Should we see that level reached quickly in March then a Q2 attempt on $1920 will definitely be on the cards. And from there the gold price will only be 4% away from a Nouriel Roubini twitter server crushing $2000 print.
Link to this article: : http://www.goldmadesimplenews.com/gold/is-the-gold-price-setting-up-for-a-big-move-in-march-6233/