Gold Price Forecast – Gold markets fall to close out the week

Gold markets have had it yet another horrific day during trading on Friday, as it looks very likely that we are going to continue to see selling pressure. The $1260 level underneath is an area of significant support, but now that we are likely to test this market for the third time, it’s very likely that a selloff will ensue. With that being the case, I’m not necessarily looking to sell right here but I would be interested in signs of exhaustion on short-term charts. However, if we do break down below the $1268 level, then I more than willing to sell right away.

Gold Prices Video 20.05.19

My targets would include the $1250 level, the $1225 level, and then eventually the $1200 level. Pay attention to the US dollar, if it continues to strengthen there is a good chance that Gold will get hit slightly. Expect volatility, but it certainly seems that we are continuing the overall “lower high” phenomenon that came into place based upon the trend line that I have marked on the chart.

At this point, I don’t have any interest in buying gold as it looks to be really beaten-down and I do think that there is a certain amount of profit taking that has come back into this market. US treasuries continue to attract a lot of money, so that naturally puts upward pressure on the greenback, which puts downward pressure on gold given enough time.

Please let us know what you think in the comments below