Gold Weekly Price Forecast – Gold markets struggle for the week

Gold markets initially tried to rally during the week but found a lot of selling pressure above. The market looks very likely to continue to bounce around in this area, as we have a lot of economic activity that is moving the market overall. Gold markets of course are highly sensitive to what’s going on with the greenback, which has been all over the place against the Euro and other currencies. Because of this, Gold of course has a significant amount of volatility attached to it due to the noise.

Gold Price Predictions Video 01.04.19

Looking at this chart, if we were to break down below the uptrend line, the market probably goes down to the $1275 level underneath which has featured a lot of short-term importance. If we break to the upside, then I think the $1325 level will be targeted initially, and then eventually the $1350 level. Overall, I think that it’s going to be difficult to put longer-term positions on until we get perhaps a pullback and support, or some type of significant break down below the moving averages that I have attached to the chart. Gold overall will take its cues from the US dollar, or perhaps due to economic uncertainty.

Overall, I prefer to trade gold back-and-forth on shorter-term charts as the volatility has been nauseating. That being said, it certainly looks as if the upside is favored in general and therefore I much more comfortable taking a longer-term upside position if we do get support off of the trend line yet again.

Please let us know what you think in the comments below