Gold Price To Continue To Base Below $1320 For Weeks

By: Chris_Vermeulen

Our research team, at Technical Traders Ltd., believes Gold will continue to base below $1320 for at least another 3~5 weeks before setting up a momentum price base.  Our research suggests general weakness in the US stock market over the next few weeks/months as a Head-n-Shoulders pattern unfolds.  Interestingly enough, our research also suggests Gold may continue to base below $1320 (likely below $1300) for at least another 2~4 weeks before forming a rounded bottom type pattern as a base.

This would likely result from a mild price rotation in the US major indexes and possibly weakness in the US Dollar.  Weakness in the US Dollar and Equities Markets may be just enough impetus to cause Gold to rotate into the Momentum Basing pattern we have been expecting since January 2019.  We’ve highlighted the price range, on the chart below, in purple.  We believe the price of Gold will re-enter this range at least once or twice over the next 2~4+ weeks to set up a basing pattern.  After April 21, we believe the basing pattern should be complete and a new upward price swing should begin.

We expect to attempt to target opportunities below the $1300 price level in Gold to accumulate a LONG position ahead of the upside breakout.  The opportunity for prices to stay below $1320 and for skilled traders to pick entry levels that are suitable for their futures should not be underestimated.  The next upside price leg in Gold will likely see prices well above $1450.

Take advantage of any price levels below $1290 because this may be the last time you see them for a while. We have also been sharing our stock market forecast looking forward 1-3 weeks from now which goes against everyone’s bias/sentiment including yours likely, but its something you should think about because you could give back a lot of profits if you don’t act now!

Please take a minute to visit www.TheTechnicalTraders.com to learn more about what we do and how we can help you stay ahead of these market moves.  Visit www.TheTechnicalTraders.com/FreeResearch/ to read all of our recent research posts.  We take great pride in our ability to provide our members and followers with the highest level of research, trading signals, daily video content and more.  Find our why our hundreds of members continue to believe in the opportunity we provide them each and every day.  Isn’t it time you invested in your future success – today?

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

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