Gold: Weekly Forecast 12th - 16th August
Gold rush after gold rush, the gold price has reached beyond 1500 for the first time in 6 years.
There's no doubt behind the gold strength and the long-term view shall stay bullish throughout the rest of 2019 as central banks continue to cut rates and ease monetary policies.
However, the recent bullish wave has well exceeded the volume of all previous bullish waves and signs of exhaustion can be seen thus significant retracement is expected to take place
For short-term selling, only choose to sell at a high from 1504 onwards (a minor supply zone can be seen in the m15 chart), targets at 1492, 1487 and 1470.
To buy gold again, the most immediate price is seen at 1487 (just below the current range low), while the best entry is determined at 1470 (key demand zone).
There's no doubt behind the gold strength and the long-term view shall stay bullish throughout the rest of 2019 as central banks continue to cut rates and ease monetary policies.
However, the recent bullish wave has well exceeded the volume of all previous bullish waves and signs of exhaustion can be seen thus significant retracement is expected to take place
For short-term selling, only choose to sell at a high from 1504 onwards (a minor supply zone can be seen in the m15 chart), targets at 1492, 1487 and 1470.
To buy gold again, the most immediate price is seen at 1487 (just below the current range low), while the best entry is determined at 1470 (key demand zone).
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