Gold Weekly Price Forecast – Gold markets in the week facing resistance

Gold markets rallied significantly during the week, slamming into the $1325 level, an area that has been important more than once. This is an area where we had seen a lot of selling in the past, as denoted by the rectangle on my chart. This is an area that has seen a major break down, and the beginning of a major selloff that reached down towards the $1200 level. Now that we have returned to this area, it should not be much of a surprise that we have struggled to break above it. I think because of this, we may be looking at a short-term pullback.

Gold Price Predictions Video 04.02.19

The pullback is probably necessary to build up the momentum considering that we had surged to this level so rapidly after the Federal Reserve suggested that perhaps they are going to be a bit more hesitant when it comes to rate increases, and of course running off the balance sheet. Because of this, it is negative for the US dollar, so longer-term that should send Gold higher by proxy. That being said, I think that the $1300 level underneath is going to offer plenty of support and I would be very interested in buying this market in that area. The alternate scenario is that we break above the $1340 level, which should send this market looking for $1350 initially, and then perhaps even $1400 longer-term. Overall, I am bullish, but I also recognize that momentum building is probably going to be necessary.