XAUUSD Gold Forecast and Technical Overview
We have published our XAUUSD Gold idea based on triangle formation on Friday. We have mentioned that the XAUUSD is likely to test the support line at 1195 USD – the baseline of the potential triangle – and we would look for a short opportunity at the breakout of the triangle. Gold tested the baseline and ended the week at 1193.60. However, the price have not broken below the triangle yet.
As we have published in our previous forecast.“How deep can the strong Dollar push the Gold?” , we predict the bearish pressure will continue on Gold prices until the second quarter of 2019. In the mentioned article, we have said that we may see a sharp correction from 1160 USD towards 1218 USD as we do not see a big sellings on the ETF’s .
Midterm, the bearish pressure will remain as long as the prices holds below 1218 USD. Break above 1218 will carry the Gold prices 1236- 1240 USD.
Shorter term:The breakout of the triangle will carry the prices 1187 USD. 1187 has been tested last week. We predict the bearish move will be triggered by the breakout of 1187 and 1160 USD will be retested. The target of the formation is 1135 USD.
Our above mentioned longer term forecast is still valid with the mentioned targets.
Latest Gold Analysis Video: https://youtu.be/GUi5F7AFxUU
Video in Turkish: https://youtu.be/8twsm4vBoBg
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
XAUUSD Gold Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibilit