Gold Price Forecast Balance of 2019

Gold Price Forecast Balance of 2019

$GLD, $SLV, $USD, $EURUSD

After last Thursday’s action in the Gold market, I believe the precious Yellow metal markets are in a Key mark.

The Big Q is whether or not the psych support mark at $1300 level will hold.

If it does, then things will take care of themselves and will look towards at $1325 as the next mark.

That being the case we have an uptrend line drawn on the chart that looks very likely to form a bit of a Head & Shoulders pattern. That is a very negative sign. If the Head & Shoulders breaks down, it points to a move at $1225 oz.

Pay attention to USD, as it has its usual influence on the Gold markets. A rising Buck can often put downward pressure on Gold. In fact, that may be most of what happened during Thursday’s session.

The Big Q now is whether or not we can bounce significantly to reach North to $1325.

This Gold market looks to offer either a selling opportunity and Silver, which is much more likely to collapse than Gold, or a buying opportunity. So, pay attention and always take what the market gives.

Keep an eye on the Gold, Silver and USD charts, they will be Key going forward and driven by the Buck.

The easiest way to keep track of that is to pay attention to the EURUSD pair. It seems as if the 1.12 level is lining up with supported both Silver and Gold.

Have a terrific weekend

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :  
CONNECT WITH