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Formulating a Trend Forecast

The over riding message of this analysis is that the Gold price is in a trading range pending a breakout that is more likely higher than lower. However it has been stuck in this trading range for 5 years now so when will it successfully breakout?

This years price action is resolving towards an attempt to break resistance area of $1350 to $1370 probably sometime during September 2019.

Immediate price action appears to suggest an imminent bottom for an initial surge higher beyond $1300 to at $1320 to $1330, before a pause before the next bull run to resistance. The seasonal's are supportive of such price action i.e. rally during June, correction in July and then a rally during August / Sept.

But the big question mark remains will Gold Price breakout above $1350 or not?

Gold Price Forecast Conclusion

Therefore my forecast conclusion for the Gold price is to trend higher towards a target of $1350-$1370 by late September 2019. This trend can be further broken down to expect a minor correction during July off of a June peak with the rally resuming during August and September.

Peering into the Mists of Time

Yes, my long term target for Gold is $1800. But I doubt it's going to happen this year as there are far too many hurdles to overcome. We will have to wait to see what the nature of Gold's forecast Summer bull run is before we start fantasising about a breakout above $1400 to $1500 and beyond.

Again the whole of this analysis was first been made available to Patrons who support my work:Gold Price Trend Forecast Summer 2019

So for immediate First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

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Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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