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Gold Price Trend Forecast 2019 Current State

Commodities / Gold & Silver 2019 Oct 30, 2019 - 02:55 PM GMT

By: Nadeem_Walayat

Commodities

The gold bull run of 2019 peaked early September at $1566, up over 25% on the year! Which will likely have encouraged many prominent gold bugs to get carried away with various headlines of Gold heading for $5000, $10,000 and beyond. However, since it's peak the Gold price has been drifting lower at a shallow pace to it's last closing price of $1491, still up over 19% on the year. So is this a correction in a bull market or marks the end of Gold's bull run for 2019?


First a recap of my Gold price trend analysis of 2019.

My analysis of 30th May just prior to the Gold price taking off (Gold Price Trend Forecast Summer 2019) concluded in bullish expectations for the summer trend to see the Gold price target a series of resistance levels all the way towards $1400.

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.

(Charts courtesy of stockcharts.com)

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.

With my last update of late July Gold Price Breakout - Trend Forecast 2019 July Update extending my bullish expectations for the Gold bull run towards a target of $1570 which was achieved early September.

Gold Price Forecast Conclusion Update

Therefore my forecast conclusion is to expect the Gold price to soon resume it's bull run. Before this analysis I would have expected resistance at $1500 by Late September / Early October. However, I now think that $1500 is not going to hold for long so it looks like the Gold price could be eyeing a break of $1600 by early October and to have at least reached $1570.

GOLD BULL RUN TREND ANALYSIS

The rest of this analysis that concludes in a detailed trend forecast into the end of 2019 has first been made available to Patrons who support my work.Gold Price Trend Forecast - Nov to Dec 2019

  • GOLD BULL RUN TREND ANALYSIS
  • SEASONAL ANALYSIS
  • LONG-TERM TREND ANALYSIS 
  • Trend Analysis 
  • Gold Price Forecast Conclusion - Nov - Dec 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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By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2019 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

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.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

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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