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

Gold markets fell during the Friday session to continue the bearish pressure that we have seen over the last several days. We are still in consolidation though, and the $1200 level of course is an area that will attract a lot of attention. That’s an area where buyers could step back in but I would wait for a daily bullish candle to start going long. Alternately, if we break down below to a fresh, new low, then we kick off a move to a much lower level based upon a bearish flag. At this point, that would measure for a move down to $1000 or so, and at this point it’s likely that the sellers will continue to come along.

Gold Technical Analysis Video 12.11.18

Alternately, if the market breaks to the upside, and clears the $1250 level, the market then goes much higher. I think at this point, we are essentially consolidating in this $50 region. Ultimately, this is a market that will move up and down in a negative correlation with the US dollar. Ultimately, I think you need to wait for a daily candle stick to give us a bit of direction, and I think Monday closing levels will be very important. If we form a hammer or something like that then we could get a short-term buying opportunity. I believe that you are probably best holding until the end of the session, and then perhaps waiting to see how things shake out.