Gold Weekly Price Forecast – Gold markets roll over again for the week

Gold markets initially tried to rally during the week to try to keep the uptrend going out, but at this point it looks like we are going to drop from here, and if we can break below the $1500 level, it’s likely that we could go down towards the bottom of the impulsive candle just below. That could send this market towards the $1450 level which was previous resistance. We could go even lower than that based upon the impulsive move that we have had for some time, and at this point in time it doesn’t take much to look at this as an overbought market, and therefore it’s likely that we need to return to some type of normalcy.

Gold Price Predictions Video 16.09.19

All that being said, the central bank around the world continue to cut interest rates and ease monetary policy. The US/China situation has gotten a bit better as of late so that could take some of the “safety trade” out of this market, but I believe this is a short-term phenomenon more than anything else. Overall, I think that short-term pullbacks, and other words for the next few weeks, should offer a longer-term buying opportunity. Yes, we’ve gotten too far ahead of ourselves but that doesn’t mean that the trend is over. A longer-term trader would be very well served to look below near the $1450 level for the beginning of the next bounce that could send this market higher.

Please let us know what you think in the comments below