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Gold Weekly Price Forecast – Gold markets show signs of exhaustion

Gold markets went back and forth during the course of the week, showing signs of volatility and exhaustion, and quite frankly I think at this point in time it’s likely that we could get a bit of a pullback, which offers a significant amount of value.
Christopher Lewis
Gold weekly chart, September 09, 2019

Gold markets went back and forth during the course of the week, ended up forming a shooting star, sitting just above the psychologically important $1500 level. At this point, if we break down below the $1500 level, the market should go to the $1450 level, which is the top of the previous ascending triangle and should be massive support. Ultimately, a pullback from here should offer plenty of value, and therefore we can take advantage of support of candles in that region. The fundamentals do suggest higher pricing for gold anyway, because central banks around the world continue to cut rates and perhaps even by more bonds. If that’s going to be the case, then people will have a demand for “solid money” such as gold and silver.

Gold Technical Analysis Video 09.09.19

At this point, the market has gotten a little ahead of itself but it looks like this rounded top or so that we are trying to form is going to show signs of exhaustion. At this point, if we can get a bit of a pullback it’s likely that there will be plenty of value hunters underneath trying to take advantage of what has been an explosive move to the upside. This will also be boosted by the US/China trade situation deteriorating like it typically does. Yes, it is a little bit happier at the moment, but it’s only a matter time before some type of headline or a Tweet comes out to throw a “risk off” attitude back into the market which helps gold.

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