Gold Weekly Price Forecast – Gold markets continue to test resistance

Gold markets rallied significantly during the week, initially falling but then turning around to bounce from the $1400 level. That being said, the $1450 level continues offer resistance. We are testing the top of the market right now.
Christopher Lewis
Gold weekly chart, July 22, 2019

Gold markets went back and forth during the course of the week, initially gapping higher, and then pulled back to the $1400 level. That’s an area that is rather important, as this is an area that has been important more than once. The shooting stars that have formed over the previous three weeks of course shows a lot of trouble but having said that I think that the $1450 level will be very difficult to break above. That being said, if we get a daily close above that level, it would be a major break out for the gold market and it will complete a longer-term “rounded bottom” that last several years.

Gold Price Predictions Video 22.07.19

If that’s going to be the case, the market will reach the $1500 level, and much higher than that given enough time. Short-term pullbacks continue to offer plenty of buying opportunities, as the $1400 level is important, but then having said that, the $1350 level is even more important. The market has been a bit parabolic recently, and now that we are chomping around in the last couple of candlesticks, it’s likely that we will continue to find plenty of interest underneath, and with the Federal Reserve cutting interest rates it makes quite a bit of sense that we should continue to go much higher.

Ultimately, I think that the market will continue to find plenty of interest and noise, but we are most certainly breaking to the upside. To the upside, we could be reaching as high as $2000 but obviously it’s going to take some time to get there.

Please let us know what you think in the comments below

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