Gold Weekly Price Forecast – Gold Markets Continue Bullish Run

Gold markets broke higher during the course of the week, slicing through the $1500 level. This is obviously an area that would cause a lot of psychological resistance and of course headlines, so obviously we remain bullish.
Christopher Lewis
Gold weekly chart, August 12, 2019
Gold and dollar bills

Gold markets have broken higher during the week, slicing above the top of the ascending triangle that we have formed. The $1450 level being broken of course is somewhat psychologically important, but even more so the fact that we have close above the $1500 level on the daily chart is a very bullish sign. Pullbacks at this point should be buying opportunities, and therefore I think that looking for short-term drops is the best way to trade this market. I think that if we break above the top of the candle stick, that’s also a buying opportunity.

Gold Technical Analysis Video 12.08.19

If you are truly a longer-term investor, gold has a place in your portfolio, and it should probably be held on until we reach towards the $1800 level, possibly even the $2000 level. All of that being said, we have fulfilled the measured move on a break above the ascending triangle, so that’s why I believe that a pullback is somewhat likely. Beyond that, we also are a bit parabolic, so simply looking for a little bit of a pullback so other traders can get involved to may have missed the move should continue to push higher. All things being equal, I have no scenario in which I would be a seller of this market, a lease as long as we can stay above the $1400 level. That would be a massive turn of events, and one that doesn’t seem very likely to happen anytime soon. I believe that the Gold markets have much further to go.

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