Gold Weekly Price Forecast – Gold Markets Break Down Significantly

Gold markets broke down significantly during the week, reaching down towards the $1450 level, an area that has been important in the past. At this point, the daily chart shows an ascending triangle at the same level, and at this point it’s likely that it could cause a short-term floor. However, if that level gets broken to the downside, look out below.
Christopher Lewis
Gold weekly chart, November 11, 2019

Gold markets have broken down rather significantly during the week, slicing well below the $1500 level. This is a very negative sign, but when you look at the weekly chart, you can see that we are still technically and a bullish flag. Quite frankly, this market needs to save itself rather quickly or it’s going to be serious trouble. The $1450 level underneath will continue to keep a bit of support into the market based upon the ascending triangle on the daily chart, but at this point it looks very likely to cause a bit of a reaction.

Gold Price Forecast Video 11.11.19

If the flag pans out, and we break above the top of it, the market could then go towards the $1800 level. However, if the $1450 level underneath gets broken, then the $1400 level would be tested, and then eventually the $1350 level after that. This is mainly due to the US/China situation being all over the place, and as things looked very positive in the middle the week, we had seen the “safety trade” rollover as the gold market offers that safety. At this point in time, there will be a lot of volatility, but sooner or later we should see some type of impulsive candlestick that we can follow. This will literally swing back and forth due to the risk appetite involving all things China, which unfortunately moves with the latest Tweet or headline.

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