Gold Weekly Price Forecast – Gold markets show strength for the week

The area just below trading over the last couple of weeks has been important more than once. Quite frankly, this is a bottom that is crucial, and the fact that we have turned around to break to the upside is a very good sign. I think at this point, we will more than likely see coal recover a bit more, perhaps reaching towards the $1250 level, maybe even as high as $1350 if the overall consolidation holds up. This is an extraordinarily strong candle for the week, and as I mentioned in the preamble, after the massive move on Thursday, markets simply sat still. That’s a very strong sign as it shows nobody’s wanting to take profits at this point.

The alternate scenario of course is that we turn around and break down below the lows, but that would take a lot of negativity entering the market suddenly. I believe gold is starting to show itself as a bit of a safe haven asset again, something it has historically behaved as. If the US dollar shrinks in value, and it certainly looks as if it could, Gold could also rally because of that reason as well. At this point, I believe that we are considering returning to the highs of the overall consolidation, so therefore I am bullish, at least for the next several months. Of course, you must remain flexible and a fresh new low then has the market eyeballing the $1100 level.

Gold Price Predictions Video 15.10.18