Gold Weekly Price Forecast – Gold markets pulled back

Gold markets initially tried to rally during the trading sessions of the week, testing the $1300 level. Ultimately, I believe that the market will eventually find that area broken though, and short-term pullbacks will probably offer buying opportunities. We are starting to see the moving average is turned up, and perhaps the candle stick for the week is simply a pullback as we may have gotten a bit ahead of ourselves. For longer-term traders, either a break above the $1300 level, or perhaps a pullback on the daily chart that show signs of support. That’s the case, we will continue to go to the upside. I believe that currently, the $1250 level is massive support.

Price of Gold Video 21.01.19

If we did break down below the $1250 level, it would be a major turn of events and a very bearish sign. I think the odds of that are slim to none though, so I’m looking for pullbacks show signs of resiliency that I can take advantage of. Otherwise, a simple breakout would work as well. I would start out slowly, and then add as we go along. I would be cautious initially though and have large stop loss is as it is probably going to be a volatile situation with the global geopolitical concerns, the Federal Reserve being a bit dovish, and the US/China trade negotiations being difficult to understand at times. Nonetheless, we have made a significant break out in the last month, and I think we will continue to see a bit of follow-through.