Gold: Weekly Forecast 13th – 17th Jan 2020
Gold had a 5th consecutive bullish run in the weekly timeframe and confirming a break-above of a 4-month high at 1557.
However, it also had one of the biggest weekly pullbacks in a...very long time.
This particular pullback was no surprise as the price surged into a close to the 7-year supply zone where huge take profits and pending sell orders are expected.
While the gold price has climbed extensively, the gold is probably far from realising its bullish potential.
From the technical perspective, all moving averages are clearly pointing to a bullish structure and the pullback on last Wednesday did not rally any further selloff.
And fundamentally, with global tensions still going on such as the recent US-Iran tension, the ongoing US-China trade war which is far from over, the weakening of the dollar as the Fed could not raise rate any further and still injecting more liquidity, gold can't seem to weaken.
This week, we will continue to wait for buying opportunity looking from 1543 to 1530 region.
The gold is expected to reach 1620 in the next 2 weeks.
However, it also had one of the biggest weekly pullbacks in a...very long time.
This particular pullback was no surprise as the price surged into a close to the 7-year supply zone where huge take profits and pending sell orders are expected.
While the gold price has climbed extensively, the gold is probably far from realising its bullish potential.
From the technical perspective, all moving averages are clearly pointing to a bullish structure and the pullback on last Wednesday did not rally any further selloff.
And fundamentally, with global tensions still going on such as the recent US-Iran tension, the ongoing US-China trade war which is far from over, the weakening of the dollar as the Fed could not raise rate any further and still injecting more liquidity, gold can't seem to weaken.
This week, we will continue to wait for buying opportunity looking from 1543 to 1530 region.
The gold is expected to reach 1620 in the next 2 weeks.
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