Gold Price Forecast – Gold markets rally again

Gold markets rallied again during the trading session on Thursday, but continues to find a bit of trouble near the gap that kicked off the week. With that being the case, I think we continue to go back and forth in this $25 range.
Christopher Lewis
Gold daily chart, June 14, 2019

Gold markets rallied a bit during the trading session on Thursday, reaching towards the gap that kicked off the week. The gap is a major barrier, and I do think that gold markets need to consolidate at the very least. Ultimately, the $25 level as you can see clearly drawn on the chart. With that in mind I believe that the $1350 level is essentially going to act as a major “ceiling” in the market, and I think that as long as we stay below there it’s going to need to prove itself for the longer-term buyers. If we do break above that level though, this is a market that more than likely will go screaming towards the $1375 level, and then possibly even the $1400 level.

Gold Price Predictions Video 14.06.19

The alternate scenario of course is to break down below the Tuesday hammer, meaning that we clear the $1325 level. If we do, then it opens up another $25 to the downside, perhaps even lower. Looking at the chart, I think the $1300 level will attract a lot of attention, and therefore we will probably continue to see a lot of skittishness in the markets if we break down below there. That would be a complete repudiation of the massive move higher that we had seen. Overall though, this is a market that I think continues to be very noisy, so in the short term I think we probably go back and forth in this $25 range and therefore trading short-term charts probably works out best.

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