Gold markets have recently been flagging lower during the last couple of months, forming a bit of a descending channel. However, on the weekly chart you can make an argument for a bit of a bullish flag. At this point, the uptrend line underneath continues to drive higher, so it’s likely that a certain amount of buying pressure should enter. That being said, this is probably going to be driven on momentum more than anything else, as the bullish attitude should continue to go higher, unless of course the Americans and the Chinese come together for some type of trade agreement. At this point, I suspect that’s probably reaching a bit too far, so it’s likely that eventually the buyers will return.
Gold Price Predictions Video 14.10.19
Beyond that, the central banks around the world continue to cut interest rates and loosen monetary policy, so that of course will also drive precious metals higher as well. Gold is the first place people look to for this safety, so it makes quite a bit of sense. The candle stick from the previous week was also a hammer, so that is a very bullish sign and if we can break above the top of the candle stick from the previous week, then the market is free to go towards the highs. All things been equal though, this is a market that is going to be moving more on the occasional headline or Tweet than anything else, making it very difficult.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Natural Gas Price Prediction – Prices Rise, but Trend Remains Down
- Natural Gas Price Forecast – Natural Gas Markets Show Signs of Support
- S&P 500 Weekly Price Forecast – Stock Markets Recover Again
- Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher
- Natural Gas Weekly Price Forecast – Natural Gas Markets Testing Support
- Gold Weekly Price Forecast – Gold Markets Have Rough Week