Gold Weekly Price Forecast – Gold Markets Show Signs Of Exhaustion

Gold markets initially tried to rally during the week but have turned around to form a very bearish looking candlestick on top of support. It’s obvious that the next couple of weeks are going to determine what happens next in the precious metals markets.
Christopher Lewis
Gold Weekly Price Forecast - Gold Markets Show Signs Of Exhaustion

Gold markets initially tried to rally during the week, but then turned around to form a bit of a shooting star shaped candle. At this point, we are then going to be testing the $1450 level, an area that previously has been both support and resistance. If we were to break down below here, it opens up the door to the $1400 level, and possibly even lower. This is a horrific looking candlestick in the midst of a downtrend in channel that being said, if we were to turn around a break above the candlestick, that would be an extraordinarily bullish sign.

Gold Price Predictions Video 09.12.19

It’s likely that we are going to see some type of resolution over the next couple of weeks, probably in the form of a massively impulsive candlestick. This is probably going to come down to the US/China trade situation, as it is the biggest driver of risk appetite right now. Friday had seen strong US jobs numbers, so that of course gives more of a “risk off” type of attitude, and that of course works against the value of gold. We are still technically in a bullish flag pattern, but time is running out here, as the flag itself is getting rather long. Sooner or later, and I suspect sooner, we are going to get a resolution and a big move. Above the $1500 level we continue a longer-term shot higher. Otherwise, if we were to break down below the $1400 level, then we could drop down towards the $1350 level.

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