Gold Weekly Price Forecast – Gold Markets Pressing Major Resistance

Gold markets initially fell during the trading sessions that made up the week but found enough support later on as we turned around to form a massive hammer. The hammer is sitting on top of the $1500 level in showing signs of the market is ready to go much higher. If that’s going to be the case, then I believe that the market will probably continue to reach towards the $1550 level and then eventually even higher. Beyond that, I can even make an argument for a bullish flag getting ready to kick off, that measures for move all the way to $1800.

Gold Technical Analysis Video 04.11.19

The $1450 level is support from what I can see, as it was where we took off from an ascending triangle previously. The triangle is easier to see on the daily chart but trust me it’s there. I like the idea of buying gold as central banks around the world continue to ease monetary policy and cut interest rates. This should be good for gold overall, and I think at this point it’s very likely that we continue to see buyers on dips come into this market. In fact, we not only have central-bank pressure to the upside, but we also have the likelihood of geopolitical concerns out there continuing to cause issues. All things being equal, I like the idea of using this market as one that you look at for value, meaning that you buy it every time it looks a little bit cheap.

Please let us know what you think in the comments below