Gold Weekly Price Forecast – Gold Markets Rather Quiet For The Week

The Gold markets have gone back and forth during the week, dancing around just below the $1500 level. That is a decent round figure that will attract a lot of attention so it makes sense that we are sitting right here.
Christopher Lewis
Gold weekly chart, October 21, 2019

Gold markets have gone back and forth during the week, showing signs of reluctance to break above the $1500 level again. However, when you look at the overall chart you can make an argument for a bullish flag so it certainly suggests that we could go higher. If we can break above the top of the downtrend line that makes up the flag, it’s likely that we could go towards the $1650 level as the measurement of the flagpole suggest. Beyond that, central banks around the world continue to ease monetary policy and conduct quantitative easing, both of which are typically good for gold.

Price of Gold Video 21.10.19

There is also a lot of geopolitical tension out there and places like Syria, Venezuela, North Korea, and many other places. There are also a lot of recessionary concern around the world, so that could also cause some issues to drive gold higher as well. I don’t like the idea of shorting Gold, because quite frankly this is a market that should continue to find plenty of reasons to go higher. The $1450 level should be massive support and therefore I believe it’s only a matter time before we continue to go higher. Beyond all of that, the most recent lows have touched the 38.2% Fibonacci retracement level and that of course attracts a lot of attention as well. That being said, it’s very likely that it’s only a matter time before money flows back into this market and pushes it much higher.

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