Technical Analysis Gold Price Forecast Weekly Gold Forecast Weekly Gold Forecast Monday, 4 February 2019 10:34 Share 0 Tweet 0 Pin it 0 Gold markets pulled back a little bit during the trading session on Friday, as the $1325 level has caused too much resistance. We ended up forming a shooting star on both Wednesday and Thursday, so that of course is very bearish. It shows signs of exhaustion, and perhaps we had gotten a little too far ahead of ourselves. Overall, I think that the market needs to pullback but the trend is still most certainly to the upside. With that being said, I think that a retest of the $1300 level makes a lot of sense, as the 20 day EMA is sitting right there. Beyond that, the $1325 level has been important more than once in the past, so it makes sense that we had to stop. The US dollar has drifted a bit lower in general, so I think that should continue to propel gold to the upside but I’m not looking for a major move in the short term. If we can break above the shooting star from the Thursday session, then I think that the market has a real opportunity to go looking towards the $1350 level, and then possibly even the $1400 level as it is the top of the longer-term consolidation area that has been so important in this market for so long. I think that the Gold markets will continue to be boosted by a softer Federal Reserve, and then perhaps geopolitical concerns as well. It seems like we can’t get a lot of good news on that front, as we have trouble in Syria, trouble with the US/Russian relations, trouble with the US/China relations, and then the possibility of another government shutdown in just a few weeks. Overall, there is a lot of tension and concern out there so gold should continue to attract a lot of interest. Currency Pairs Gold Christopher Lewis Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.