Gold Weekly Price Forecast – Gold Markets Pressing Major Resistance

Gold markets initially fell during the week but turned around to show signs of life again near the $1475 level. This is a market that continues to see a lot of buying opportunities on dips, and it now looks as if it’s trying to break out.
Christopher Lewis
Gold weekly chart, November 04, 2019

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.

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