Gold Weekly Price Forecast – Gold Markets Have Rough Week

Gold markets fell during the week as the United States and China sat down to talk. This of course is very influential on the risk appetite of traders around the world, so paying attention to how that turns out it is going to tell you exactly how this market moves.
Christopher Lewis
Gold weekly chart, October 14, 2019

Gold markets have recently been flagging lower during the last couple of months, forming a bit of a descending channel. However, on the weekly chart you can make an argument for a bit of a bullish flag. At this point, the uptrend line underneath continues to drive higher, so it’s likely that a certain amount of buying pressure should enter. That being said, this is probably going to be driven on momentum more than anything else, as the bullish attitude should continue to go higher, unless of course the Americans and the Chinese come together for some type of trade agreement. At this point, I suspect that’s probably reaching a bit too far, so it’s likely that eventually the buyers will return.

Gold Price Predictions Video 14.10.19

Beyond that, the central banks around the world continue to cut interest rates and loosen monetary policy, so that of course will also drive precious metals higher as well. Gold is the first place people look to for this safety, so it makes quite a bit of sense. The candle stick from the previous week was also a hammer, so that is a very bullish sign and if we can break above the top of the candle stick from the previous week, then the market is free to go towards the highs. All things been equal though, this is a market that is going to be moving more on the occasional headline or Tweet than anything else, making it very difficult.

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