Gold Weekly Price Forecast – Gold Markets Continue Bullish Run
Gold markets have broken higher during the week, slicing above the top of the ascending triangle that we have formed. The $1450 level being broken of course is somewhat psychologically important, but even more so the fact that we have close above the $1500 level on the daily chart is a very bullish sign. Pullbacks at this point should be buying opportunities, and therefore I think that looking for short-term drops is the best way to trade this market. I think that if we break above the top of the candle stick, that’s also a buying opportunity.
Gold Technical Analysis Video 12.08.19
If you are truly a longer-term investor, gold has a place in your portfolio, and it should probably be held on until we reach towards the $1800 level, possibly even the $2000 level. All of that being said, we have fulfilled the measured move on a break above the ascending triangle, so that’s why I believe that a pullback is somewhat likely. Beyond that, we also are a bit parabolic, so simply looking for a little bit of a pullback so other traders can get involved to may have missed the move should continue to push higher. All things being equal, I have no scenario in which I would be a seller of this market, a lease as long as we can stay above the $1400 level. That would be a massive turn of events, and one that doesn’t seem very likely to happen anytime soon. I believe that the Gold markets have much further to go.
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