Gold Weekly Price Forecast – Gold markets struggle during the week

Gold markets initially trying to rally during the week but found enough resistance near the $1270 level to turn around and break through the $1250 level. At this point, the market looks as if it is trying to break down below the $1240 level, reaching to lower levels which is where I see a lot of demand. · FX Empire

Christopher Lewis

Updated Fri, Jul 13, 2018, 10:10 PM

Gold markets initially tried to rally during the trading week, reaching towards the $1270 level. We turned around to fall below the $1250 level, and as I record this it looks as if we are continuing to see a bearish pressure. I think at this point, the $1200 level will be crucial, and I would expect to see a lot of demand in that area. As you can see, I have the previous uptrend line on the chart still where we had broken down, and it’s likely that a lot of traders will be paying attention to that. However, I see a lot of demand at the $1200 level, and I think at that point I’m willing to start buying from a longer-term perspective.

A break down below that level would be very negative, and I think at that point the most significant level will be the $1125 level, an area that has been important going back to late last year. It’s likely that the market will continue to be volatile and based upon the trade wars, but at this point I think gold is starting to be attractive in the sense that it is starting to get a bit on the cheap side. Be patient, you should have plenty of time to start buying as it looks like we are ready to drift a little bit lower in the short term.