Gold Weekly Price Forecast – Gold markets rally for the week

Gold has broken to the upside again during the week, after forming a very bullish candle last week. This is a good sign, and it looks as if the $1175 level underneath is massive support, and if we break down below there it’s likely that we could unwind rather drastically, perhaps reaching to the $1100 level, and then the $1000 level after that. However, we have sold off so viciously over the last several months that I think at the very least we can expect a significant bounce. I not only think that we will go to the $1250 level, but it’s very possible we may go to the $1300 level.

Looking at this chart, it’s obvious that we have touched a major bottom, so it’ll be interesting to see if it holds. My theory on this is that essentially something is supported until it isn’t. I know that’s an extreme oversimplification of things that can happen, but it is an undeniable truth: as long as it holds, it support. You have no idea when the support is going to give way, you can only mitigate your risk and put in stop losses. At this point, Gold looks like it is a nice buying opportunity. Once we get a little higher, close to the $1300 level, then I think you may get a bit extended in the other direction. Gold tends to do this. Longer-term though, I still think that gold is a nice investment.

Gold Outlook Video 22.10.18