Gold Weekly Price Forecast – Gold markets explode to the upside this week

Gold markets rallied significantly during the weekends the Federal Reserve has stepped into a more dovish stance. If that’s going to be the case, then it makes quite a bit of sense that gold rallies.
Christopher Lewis
Gold weekly chart, June 24, 2019

Gold markets have rallied significantly during the week, pressing the $1400 level as resistance. This is an area that will attract a certain amount of psychological attention, but at this point it’s likely that we will continue to see this market try to go higher. We are just a bit overbought at this point, so I think that’s probably the biggest issue.

Gold Price Predictions Video 24.06.19

A break above the weekly candle sends this market looking towards the $1500 level above, but quite frankly I think it’s going to take quite a bit of momentum to make that happen. I look at pullbacks as an opportunity to go long in what is an obvious bullish market and would expect to see buyers near the $1375 level, perhaps even the $1350 level. Ultimately, the Gold markets tend to move in $25 increments, so it would make quite a bit of sense that the market would find interest at those levels.

As long as the Federal Reserve and the ECB both remain relatively soft with monetary policy, it’s very likely that precious metals will continue to strengthen. Obviously, gold is the main precious metal that people trade so it makes a lot of sense that we will continue to see a rise overall.

The $1350 level below is what I considered to be the “floor” in the market, so I think that the market staying above there is a prerequisite for a continuation of the uptrend. If we were to break down below that level then I would have to rethink everything.

Please let us know what you think in the comments below

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