Gold Weekly Price Forecast – Gold markets form a hammer for the week

Gold markets initially fell during the week but turned around to rally quite stringently, especially on Friday. The first hint of a rally was several days in a row of sideways action. We were sitting right on support at that time, and the fact that we just didn’t go anywhere with a hint that perhaps the selling pressure wasn’t as strong as initially appeared to be. With this, the fact that we have formed a hammer, this change the outlook of gold completely.

Gold Price Forecast Video 11.03.19

At the very least, it looks as if Gold is ready to rally and try to go looking towards the $1325 level again. It should be supported all the way down to at least the bottom of the candle stick for the week, if not down to the $1275 level as it is an area of a lot of order flow. Yes, we have recently broke through a downtrend line, but this pullback has been rebuked, and of course the Federal Reserve is now on the sidelines in general. In fact, one of the pundits that I speak to are now starting to suggest that perhaps the Federal Reserve may even cut rates next, and if that’s going to be the case that should send Gold much higher.

If we did break down below the $1275 level, that would of course be a very negative sign. That would open the door to the $1250 level and beyond. However, it doesn’t look to be anywhere near as likely after this weekly candle stick has formed.

Please let us know what you think in the comments below