Gold Weekly Price Forecast – Gold markets continue to test

Keep in mind that the Americans and the Chinese are busy haggling with the trade negotiations, so therefore it’s likely that the precious metals markets will continue to go back and forth. That being said, the last couple of weekly candles have been hammered, so I think it’s possible that we do break through the neckline in completely blow out the head and shoulders theory. For what it’s worth, the markets have been rather tenacious and there are a lot of concerns when it comes to the global economy, so therefore we may have people coming into the precious metals markets for safety.

Gold Outlook Video 13.05.19

At this point, I think that if we break down below the lows of the previous week, then the gold market could unwind rather drastically. According to the head and shoulders pattern, we should go down to the $1225 level, but so far we have not seen that happen, and it seems to be stubbornly supported. To the upside, if we were to clear the $1300 level, then the market should go higher. At that point, I think we will eventually go to the $1350 level, but I see several resistance levels between here and there. If we rally from here and continue to go higher, expected to be more of a grind higher than anything else.

Obviously, we have concerns about the US/China trade relations throwing headlines out there that could put the markets into turmoil, so be cautious.

Please let us know what you think in the comments below