Gold Weekly Price Forecast – Gold markets fail at major resistance

Gold markets broke down during the week, slicing through the $1250 level again after initially starting the week above it. I do think there is support underneath though, as we have a massive uptrend line. Pay attention to the US dollar, because if it rallies it could continue to put bearish pressure on the gold market. Otherwise, if we break above the top of the candle stick for this week, then I think we are free to go looking towards the $1300 level rather quickly. Beyond that, we could go to the $1400 level, an area that has been the top of the larger consolidation.

Gold Technical Analysis Video 17.12.18

If we turn around and break down below the $1200 level, then it will freeze the market to go down to the $1000 level given enough time. I think that gold it does look like it’s trying to build some type of base and perhaps we could see bullish pressure starting to overwhelm. Simply put, I still favor the upside, unless of course we break down. The market looks choppy, but I think part of the reason gold is getting a bid goes beyond the US dollar, it’s this simple fact that we have so much in the way of global fear right now. I think it will remain choppy, but until we break down below the uptrend line, you would have to think that we still favor buying the dips going forward as the base has been built quite resiliently so far.