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Gold Forecast for the Week of August 14, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 13, 2017, 10:58 GMT+00:00

Gold markets initially dipped during the week, but found enough support at the $1250 level to turn around and bounced significantly. However, we are still

Gold weekly chart, August 14, 2017

Gold markets initially dipped during the week, but found enough support at the $1250 level to turn around and bounced significantly. However, we are still within consolidation, which I see currently as being between the $1200 level, and the $1300 level. Because of this, I think that we could very well see sellers jump back into this market, but if we did break above the $1300 level, it’s likely that we will continue to go towards the $1325 level next.

Fear trade

Most of the gains that we have seen has been related to the fear trade coming out of the arguments between North Korea and United States. Because of this, I think this is a short-term effect, and that we will turn around. If we do, I believe the market will fall to the $1250 level over the next couple of weeks.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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