Gold Weekly Price Forecast – Gold Markets Continue To Find Support At Major Level

Gold markets continue to find support at the $1450 level, an area that was previous resistance, and now is offering significant support. The last couple of candlesticks have been a bit confused, so the question now is whether or not we are going to have an impulsive move.
Christopher Lewis
Gold weekly chart, December 02, 2019

Gold markets have fallen initially during the week, reaching down towards the $1450 level, an area that has been important more than once. By doing so, the market looks as if it is ready to turn around and bounce, but we need to break out above the top of the weekly candle from the previous week. Otherwise, if we were to break down below the $1450 level on a daily chart, it’s likely that we could go down to the $1417 level which is the 50% Fibonacci retracement level, and perhaps even lower than that.

Gold Prices Video 02.12.19

Looking at this chart, it’s obvious that the market has been bullish for some time, so a bounce is more likely than not, but at this point it seems unlikely to be easy to accomplish. If we do break above the shooting star from the previous week, that would become a bullish signal, a so-called “inverted hammer.” That could get money running towards the $1500 level, possibly the top of the breakdown candle from a month ago. Ultimately, this is a market that does look bullish, but it is also going to be very sensitive to risk appetite and news headlines around the world. You can make an argument for a bit of a bullish flag here as well, so paying attention to the level just below is going to make quite a bit of sense as it should be rather crucial in the meantime.

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