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.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US