Gold Weekly Price Forecast – Gold markets back and forth

Gold markets tried to break above the $1350 level during the week but gave back the gains on Friday. At this point, we have a lot of things to pay attention to, as we are pressing major resistance.
Christopher Lewis
Gold weekly chart, June 17, 2019

Gold markets went back and forth during the week, breaking above the $1350 level, but gave back those gains as we still have no idea what to do with this market. Remember, gold gets a bit of a bid due to a safety trade, but at the same time if the US dollar gets a bit due to treasury buying in a risk off scenario, it can through the markets into disarray. I believe that Gold is confusing is the where goes next, so I think it’s only a matter of time before we have to make a decision.

Gold Technical Analysis Video 17.06.19

If we break below the $1325 level, the market is very likely to drop to the $1300 level. On the other hand, if we can break above the top of the weekly candle stick, the market goes to the $1375 level. All things being equal, it makes sense that this market continues to be very volatile and I will point one thing out: long-term traders and gold have been absolutely smoked in both directions. The market simply do not move enough to make significant profits if you’re trying to hold onto the position.

That being said, if you have a long enough time horizon, you can probably find value to hang onto, but with leverage it gets to be very dangerous. Because of this, if you are going to play the market from a longer-term standpoint you may wish to do it via an ETF such as the GLD, or perhaps even physical gold.

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