Gold weekly Price Forecast – Gold Markets Hitting The Top Of A Channel

Gold markets went back and forth during the week, doing almost nothing in order to excite the crowds. Having said that though, we have seen a little bit of resiliency over the last month or so as the $1450 level has been massive support. The 38.2% Fibonacci retracement level is right there as well, as is the top of the previous ascending triangle. Ultimately, this is a market that I do think continues to go higher over the longer term based upon some type of negativity. Having said that, this market will be moving mainly due to the US/China trade situation and of course global growth.

Gold Outlook Video 23.12.19

While the Americans and the Chinese have agreed to agree so far, they haven’t really put pen to paper so one would have to wonder whether or not there is a deal at all. Ultimately, this is a market that that should continue to be noisy, and of course moved upon by risk appetite. Having said all of this though, it’s holiday season so therefore volume is going to be extraordinarily light. Because of this, a sudden headline could throw this market into chaos so I would be a bit hesitant to put serious money on until we got above the $1500 level to the upside or break down below the $1440 level to the downside. In the meantime, I would expect a lot of noise and people sitting on their hands as they worry about Christmas presents and Hanukkah celebrations in the short term.

Please let us know what you think in the comments below