Gold Weekly Price Forecast – Gold markets continue to stabilize

Gold markets went back and forth during the week, showing signs of stability and potential bullish pressure. I think there are a lot of questions to be answered, and this candlestick is a good proxy for that attitude. I like the idea of buying dips, because I believe that the hammer stick from the previous week is such a bullish sign. We did break below a major uptrend line but have found enough support and a can of bounce to convince me that we may turn around to try to recover it.

Gold Outlook Video 18.03.19

The alternate scenario of course is that we break down below the hammer from the previous week, which would be very negative. At that point, the market probably goes down to the $1250 level, maybe even the $1200 level given enough time. After all, the market has been consolidating longer term between the $1200 level on the bottom in the $1400 level on the top. Given enough time though, I fully anticipate that this market will continue to find reasons to rally. Ultimately, I like Gold as the Federal Reserve has stepped to the side as has the European Central Bank. Beyond that, there are plenty of central banks out there looking to purchase gold in continue to add to their inventory. All things being equal, it makes a lot of sense that we continue to see buyers in a market that seems to have a long way to go. The US dollar is expected to roll over later this year, so it’s very likely that we continue to see Gold benefit from that as well.

Please let us know what you think in the comments below