Gold markets reached towards the $1300 level during the trading session on Friday, which is a very bullish sign considering just how large the candlestick is. If the market can break above the $1300 level, we will go much higher. This certainly looks as if it is a major attempt to do so but heading into the weekend it would not surprise me at all to see this market fail at the $1300 level as a lot of traders probably won’t want to carry a lot of risk into the weekend. However, I do think that it’s only a matter time before we break out, as you have read me talk about more than once. This is a very strong sign, and I do think that ultimately Gold takes off.
Gold Prices Video 28.01.19
For the Monday session, don’t be surprised at all if we get a bit of a pullback, perhaps in an attempt to build up the necessary momentum. However, if we close the week above the $1300 level, it’s likely that we see buyers jump in immediately on Monday morning. Below, I see the $1280 level as massive support, especially considering that we had just formed three hammers. To be honest, I can’t remember the last time that I had seen three hammers form in a row that did not kick off a bullish move. In fact, I may have never seen that pattern fail. If it did, that would have been an extraordinarily negative sign. Obviously, the buyers have taken control.
