The 5 March Gold Price Technical Forecast shows that the precious metal is continuing its recent bounce, and the spot price is currently testing its way into the 1,330.00 handle as of writing.
5 March, GKFX – The precious metal is still trading in the neighborhood of the recent peak at 1,366.00, but with global supply remaining steady through 2017, “peak Gold” is a phrase being tossed around metal circles with increasing fervor.
The yellow metal is receiving support as the US Dollar continues to face pressure in the face of trade war threats, with Trump’s recent announcement of placing stiff tariffs on steel and aluminum imports drew retaliatory statements from major trading partners to the US from around the world.
Gold dealers also cut their net long position to under 158,000 contracts for the week ended February 27th according to CFTC position data; this represents the lowest net long position buildup since mid-January.
5 March Gold Price Technical Forecast
The spot Gold chart is still knocking on the door of the multi-year barrier near 1,360.00, but highs and lows on Daily charts are forming a sideways channel that the precious metal will need to break out of before a trend can be established in either direction.
Support is forming a zone from 1,320.00 to 1,310.00, while resistance is piling up from 1,340.00 to 1,360.00, the current high-water target for Gold bulls.
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