Gold Weekly Price Forecast – Gold markets look lackluster for the week

Looking at the market, you can see that we initially tried to rally during the week but we have struggled again just below the $1550 level. That tells me that we are at the very least trying to consolidate here, but as we have gotten a bit parabolic at times, I would not be surprised at all to see this market have to digest the gains. Digesting the gains may even suggest that we need to break down a bit and go to test the top of the ascending triangle that reached the $1450 level. All things being equal, the market is likely to continue to find buyers there though, especially considering just how noisy the political, economic, and trade war related headlines continue to be.

Gold Outlook Video 30.09.19

All things being equal it’s likely that the market probably needs to cool off and digest at the very least, if not pullback to find value. With that, I would not be a seller necessarily, but I would be more than willing to wait towards the pullback showing signs of support to take advantage of what I would consider to be cheap gold. Beyond that, it’s probably only a matter of time before central banks cut rates again or there’s some type of major “risk off” event that comes out and send money back into the gold market. However, a pullback will only make that a much more enticing potential trade.

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