Gold Weekly Price Forecast – Gold markets fall again for the week

Gold markets fell during the week, reaching towards the $1270 level before finding a bit of support. It is a somewhat looking supportive candle, but in the context of what’s been going on, I think that the market is simply trying to decide whether it can continue the upward momentum. With the Federal Reserve suggesting that they are quite some way away from cutting interest rates, this could work against the value of gold longer-term. All things being equal, I am bullish of gold longer-term, but the US dollar needs to calm down a bit in order for gold to continue to start falling.

Gold Technical Analysis Video 06.05.19

On the other side of the equation, if we break above the $1300 level it’s very likely that the gold market will continue to go higher. That being said, it’s very unlikely that this market is going to make a sudden move, because quite frankly there are so many moving pieces right now. The easy money has already been made on the longer-term charts, and right now it looks like we are probably more apt to consolidate with a slightly negative attitude. If we break down below the lows of the last two weeks, then the market will probably go looking for the uptrend line underneath that I have marked on this chart. Ultimately, gold is going to continue to be a chop fest, and longer-term trading is going to be difficult. This is more or less going to be a short-term traders type of environment in the next few weeks.

Please let us know what you think in the comments below