Gold Weekly Price Forecast – Gold markets for massive shooting star

Gold markets rallied significantly over the course of the last week, continuing a parabolic run. By doing so, we shot towards the $1450 level that has since pulled back rather drastically. I think at this point, it’s very likely that we are going to break down from here, and a move below the $1400 level certainly should send more sellers into the marketplace. However, I see the $1350 level as supportive, so I think what we are more than likely going to see is an attempt to fill a daily gap down at that area. This doesn’t necessarily mean that I’m looking to sell this market, rather I think if you are patient enough you should be able to find plenty of reasons to start buying gold at lower prices.

Price of Gold Video 01.07.19

Keep in mind, the Federal Reserve is looking to cut interest rates and that should help gold longer-term. However, we’ve got a bit ahead of ourselves so simply waiting for an opportunity to take advantage of “cheap gold” is the way to go. Sometimes we are paid to sit on the sidelines and this may be one of those times. However, if we break above the top of the shooting star that could signal another parabolic run higher, as it would trap anybody who is short. I don’t expect that to happen, and quite frankly that would be very uncomfortable. All things being equal I think I will be looking to buy gold about $60 lower.

Please let us know what you think in the comments below