Gold Weekly Price Forecast – Gold markets continue to push

Gold markets went back and forth during the course of the week, testing the crucial $1300 level above, but failed to break above there. This is especially interesting considering that it is a large, round, psychologically significant number, and then of course the shooting star from the previous week.
Christopher Lewis
Gold weekly chart, January 14, 2019

Gold markets went back and forth during the course of the week, as we continue to try to build up enough momentum to break out to the upside. If we can clear the $1300 level, I think that gold will continue to go much higher. The Federal Reserve stepping away from its overly hawkish stance suggests that perhaps Gold could get a bit of a boost from a shrinking US dollar. However, I believe that the market will continue to be very choppy, so wait for short-term pullbacks as you can take advantage of to pick up a bit of value.

Gold Price Predictions Video

When you look at the channel that I have drawn on the chart, we have broken above the top of it, and now are looking at the top of it as support. This is why I think that technical traders will also look for opportunities to go long. Once we break the $1300 level, then I think the market will go looking towards the $1350 level, and then the $1400 level. Ultimately, I think that this market will move in lockstep with the US dollar falling. It does look as if it is losing strength against many currencies around the world, and if that’s going to be the case I think gold will be a beneficiary as well. I believe that even if we break back into the previous channel, the $1250 level should be massive support, and could be a nice buying opportunity as well.

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