Gold Weekly Price Forecast – Gold markets continue of negativity during the week

Gold markets continue to drift lower during the week, reaching down towards the $1260 level, before bouncing significantly towards the end of the week. The uptrend line that I have on the chart shows that we have broken down rather drastically, and of course through an important support barrier. If we can break down below the bottom of the candle stick for the week, that would be a very negative sign and send this market much lower. At that point, the market probably goes down to the $1250 level, followed by the $1240 level. I think that rallies at this point the show signs of exhaustion should be a nice selling opportunity.

However, there is also the possibility that we turn things around and break above the $1300 level. Not only would that recapture the uptrend line, but it would also wipe out a couple of negative candles. That of course is a very bullish sign, and I think that we could continue to go to the upside and reach towards the $1350 level. I think at this point though, this will be highly sensitive to the global trade arguments, and that of course makes a lot of volatility part of the story for this market. Longer-term, I think Gold will recover, but at this point it looks like it’s going to be easier to short this market on signs of exhaustion just above.

Gold Price Forecast Video 25.06.18

This article was originally posted on FX Empire

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