Gold Weekly Price Forecast – Gold markets find buyers

Gold markets initially dipped during the week, reaching down towards the $1212 level. However, we have seen enough bullish pressure in that area the turn things around and form a hammer. The hammer of course is a very bullish sign and I think it’s only a matter time before we break out to the upside based upon the recent action. They weekly close is going to be validation of the recent break out, and now I think we’re going to try as hard as we can to break above the $1250 level, which I think is significant resistance. Breaking that level sends this market towards the $1275 level, and then eventually the $1300 level. I do think that we get to the $1300 level eventually, but it’s going to take a bit of momentum.

Gold Prices Video 05.11.18

The market has plenty of support underneath near the $1200 level, so if we were to turn around and break down below that level, that would be extraordinarily negative and could unleash a new wave of selling. At this point though, I think there are far too many concerns out there to think that traders will continue to value the potential safety that Gold can offer in these turbulent times. We are also at the bottom of a longer-term consolidation phase, which for me means that there should also be plenty of buying pressure down here as well. I don’t have any interest in shorting, unless of course will make a fresh, new low.