Gold Weekly Price Forecast – Gold markets recover for the week

Gold markets broke down during most of the week but had a very strong turned around to reach towards the bottom of the trend line that I have marked on the chart. (It should be noted that this trendline is much more visible on the daily chart, and in fact suggests a potential head and shoulders pattern.) With that being said, it’s a very interesting trading. I would need to see a daily close well above the $1290 level, possibly even the $1300 level in order to start buying at this point. I suspect there is going to be a significant amount of resistance, and at the slightest hint of US dollar strength, we could see gold rollover.

Gold Technical Analysis Video 29.04.19

The alternate scenario is that we do continue to go higher and if we were to take out the highs of the last couple of weeks, then it’s likely the market goes looking towards the $1350 level. For the longer-term trader, it looks likely to be a very difficult time. However, if you look at the daily chart and see a very bearish candle, that would justify the head and shoulders pattern that shows itself on the daily chart and could send this market down to $1225.

It’s very likely that the US dollar is going to have its say when it comes to where this market goes, and it should be noted that the greenback has been very volatile as there are a lot of concerns about global growth and the like. Ultimately, you are going to have to pay attention to this chart and the US Dollar Index to trade successfully.

Please let us know what you think in the comments below