Gold Weekly Price Forecast – Gold markets form massive shooting star
Gold markets initially rallied during the week but struggled to continue going higher. By forming the massive shooting star, this suggests that we are going to continue to grind down towards the support underneath. That support is found out the $1280 level. If we were to break down below there the gold market could unwind down towards the $1250 level. This is interesting considering that Gold had been so strong for so long, but all of a sudden it looks as if it is hurting.
Gold Outlook Video 15.04.19
If we did break above the top of the weekly candle stick then a course that would be a very bullish sign for Gold markets. However, that doesn’t look very likely to happen based upon the price action during the week. In fact, this may be the week that we can look back and say that the attitude changed. However, if we broke to the upside then we probably grind higher but more than likely will struggle to make it to the $1350 level again. Even if it did it would be a very slow grind, and it takes a certain amount of wherewithal to hang onto that trade. Quite frankly, if you are bullish on gold longer-term you probably need to be buying physical gold as anything levered will be very dangerous. To the downside, the $1250 level will be supportive but quite frankly we could go as low as $1200 if that move happens.
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