Gold Weekly Price Forecast – Gold markets forming support
Gold markets look as if they are ready to turn around and rally, as the US dollar is finally giving back some of the gains. I think that breaking above the previous week’s candle is a bullish sign, and it would be a buying opportunity to go towards the $1300 level. A break down below the $1150 level would send this market much lower, perhaps down to the $1100 level, perhaps even lower than that to the $1000 level. At that point, I would back up the truck and buy as much gold as I possibly could. That’s a major level on longer-term charts, and I think will attract a lot of attention in and of itself. However, I think that the market is certainly offering a lot of value in this area, and ultimately that will probably decide what happens next.
Your capital is at risk
The Gold markets have been sold off drastically by emerging markets, as currency devaluation has been a major factor. Overall, I think that this market will be very rocky, but I’m willing to start to buy more physical gold in this area. Leverage positions will be a much more difficult thing to hang onto, so I would do so in the CFD markets as opposed to the futures markets, which of course cost so much more to be involved in. I believe that we are starting to see the bottom trying to put in. Overall, I’m bullish on gold longer-term, but I recognize that the choppiness may scare some of you.