Gold Weekly Price Forecast – Gold markets continue to grind at elevated levelsGold markets went back and forth during the week, finding just a little bit of selling pressure, but we continue to hover in a $50 range that I think to be rather crucial and important.
Gold markets of course have been back and forth during the week, and although we are forming a little bit of a negative candle, the reality is that we have been testing the $50 range for some time. The $1450 level above is resistance, just as the $1400 level underneath is support. Beyond that, the market has supported down to the $1390 level at that area, so I think that any bounce from there makes quite a bit of sense. After all we have had an impulsive move to the upside and now we are simply churning the gains to get a bit of a move to the upside in the end I believe.
Price of Gold Video 29.07.19
If we did break down below the $1390 level, then it’s possible that we could go towards the $1350 level underneath. That’s an area that I think there should be massive amounts of buyers at, keeping the market to the upside. Ultimately, I think that this market continues to find plenty of reason to go higher, not the least of which will be the fact that the central banks around the world are going to be very soft with their monetary policy, driving the need for hard money higher. We are seeing in Exodus out of fiat currency in general as seen in the Bitcoin market, and of course Gold has the same fundamental drivers right now.
If we can break above the $1450 level then we start looking towards the $1500 level which of course will attract a lot of attention but I think we not only break above there we go looking towards 2000 longer-term. I have no interest in shorting.
Please let us know what you think in the comments below