Yahoo Finance Gold Weekly Price Forecast – Gold undecided for the week
At this point, we are trying to form some type of symmetrical triangle in the Gold markets, and I look at the recent low that we have formed from a month ago should be a level that if we can break down from, the market would break down rather significantly at that point, perhaps down to the $1400 level, and then the $1000 level. At this point, if we break above the highs of that same wide candle, that would be a very bullish sign and it would show that the market would probably continue to rally significantly. For the longer-term trader, I look at that candle as your catalyst.
Pay attention to the US dollar, because I believe that the currency headwinds or tailwinds will make a huge difference in what happens with gold. Right now, it looks as if interest rates are going to go higher at the Federal Reserve, so I think there is still a significant amount of bearish pressure. That being the case though, the market looks likely to continue to struggle to go higher, but recently we have seen some mixed economic numbers. At this point, I think that explains exactly why Gold markets have been so tight, and at this point I think it’s very difficult for longer-term traders to get involved until we break out of the overall range. Once that happens, then I think we could move rather significantly in either direction.
Gold Price Predictions Video 17.09.18
This article was originally posted on FX Empire
