Gold Weekly Price Forecast – supportive looking week

Gold markets have taken a bit of a bashing as of late, but it looks as if we are finding a significant amount of support at the $1240 level, and the top of the candle is the $1260 level so for the sake of simplicity I’m going to say that the $1250 level is essentially where the overall support is. This is an area that I’ve talked about in the past, and now I think it is coming to fruition as major support. If we can stay above the top of this candle, I think we will eventually recapture most of the gains. The US dollar is starting to take it on the chin a bit, as you can see the EUR, the GBP, and the AUD all form supportive looking long-term charts as well. Because of this, I think gold will get a bit of a natural live, and I am bullish of gold yet again.

That’s not to say that it will be easy, and I do believe that the $1300 level will be a major barrier. However, once we break above the $1250 level I will be buying gold again, as it is essentially “on sale” currently. The alternate scenario of course is that we break down below the $1240 level, and that was in the market looking towards $1200 level, which I see as even more supportive. This is a longer-term move, so start out slow and build your position.

Gold Technical Analysis Video 09.07.18