Gold Weekly Price Forecast – Gold markets show strength again

Gold markets have rallied significantly during the week as the Federal Reserve has stepped away from its hawkish tone. Because of this, the US dollar has got hammered and we have fulfilled the target of $1350 that I have been talking about, albeit much quicker than I anticipated. That being the case, it would not surprise me at all to see this market pull back but will probably view that as a potential buying opportunity, or at worst a return to the previous consolidation regions.

Gold Outlook Video 10.06.19

During the previous week, we have broken through the downtrend line, and that being the case it’s obvious that the market has changed its attitude, and now I think we are going to give the $1350 level of real run for its money. This is a level that is crucial and opens up the idea of possibly going to the $1375 level on a breakout, and then beyond that $1400 level. Expect a lot of choppiness though, as it won’t necessarily be the easiest move to make unless of course it’s due to some type of panic.

One thing is for sure, there are plenty of reasons to think that people may look to gold for a bit of safety but jumping in right now without the major break out is playing a dangerous game. As far as fading the rally is concerned, while that has worked in the past this drink that this candle tells me it’s probably not a good idea.

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