Gold Weekly Price Forecast – Gold markets run into resistance

Gold markets shot higher during the trading sessions that make up the week overall, but then pulled back significantly to give back most of the gains. The shooting star of course is a negative sign, but I also recognize that the pair of hammers underneath should continue to support this market. This is a market that needs to build up significant momentum to finally break out to the upside. I believe that we will get a lot of back and forth, and you should be paying attention to the US Dollar Index. Right now, it appears that the dollar will move the market overall.

Gold Technical Analysis Video 25.02.19

Looking at this chart, the $1300 level underneath should be supportive, so pullbacks will probably be thought of as value. If $1300 holds longer-term, then it gives us the basing pattern to break out to the upside. The $1350 level above should be massive resistance, so if we can break above there on a weekly close, then the market should continue to go towards the $1400 level. That is my longer-term thesis, but quite frankly it looks as if we are getting a bit exhausted in the short term. Look for dips to pick up value, unless of course we do break down below the $1300 level. If we break down below the $1300 level, then we likely go to the $1275 level next. Ultimately, this is a market that will be volatile but probably needs to catch its breath.

Please let us know what you think in the comments below