GOLD Weekly Price Forecast – Gold Pulls Back But Find Buyers

The gold fell a bit during the week, but then turned around to show signs of life again. We are above the $1550 level, but also have a shooting star above.
Christopher Lewis
GOLD Weekly Price Forecast - Gold Pulls Back But Find Buyers

The GOLD initially pulled back during the week but then turned around to show signs of life again. This is a market that continues to see a lot of resiliency, and the fact that we formed a shooting star during the previous week and a hammer during this week suggests that we could very well go sideways in order to kill time before a move higher. That being said, that doesn’t mean that we can’t pull back, and quite frankly a pullback is probably a welcome turn of events for those who are bullish because it gives the market the possible value that is needed to turn things back around.

Gold Price Video 20.01.20

If the market was to break above the top of the shooting star from the previous week, that would obviously send this market much higher. If we do break down, I believe that the $1525 level and then the $1500 level should offer quite a bit of support. The 50 week EMA is moving higher, getting ready to attach itself to the $1450 level, an area that has been massive support recently. That being said, I do like gold longer term, but I recognize we may need to drift sideways in order to build up the necessary psychology and momentum to go higher. All things being equal, this is a market that looks bullish but might also be a little bit extended at the moment. I believe that the market will eventually go looking towards the $1800 level, but at this point we do not have anything out there to put a shock into the system.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.