Gold Weekly Price Forecast – Gold markets bounced from the trendline

Gold markets initially fell during the week but turned around to bounce from the $1200 level. By doing so, we ended up forming a bit of a hammer, which is a bullish sign. However, I think at this point we could reach towards the $1250 level. If we break above there, it’s likely that we could continue to go higher, perhaps reaching as high as the $1400 level. This is a market that has been consolidating between these two regions, so that could be a nice opportunity.

Gold Price Forecast Video 19.11.18

However, if we break down below the bottom of the candle stick for the week, that could turn this into a bearish flag, opening up the door to the $1050 level underneath. We had a major break out above the $1000 level about a decade ago, and it’s likely that we will continue to see a lot of people pay attention to that region overall. That being said, if we break down I think that there will be a significant opportunity down there. At this point, it’s simply a question of are we going to consolidate again, or are we going to break down below the bearish flag and send this market much lower?

The market continues to be focused on global trade, global risk appetite, and of course the value of the US dollar. All of those things do continue to drive markets in both directions, so I think that what we are going to be seeing is volatility more than anything else. Because it is but pay attention to these two scenarios.