Gold Prices This Week And Next Week's Forecast

Sunday, September 3, 2017

gold bars

Our forecast from last week unfolded like clockwork with gold prices breaking above the all-important psychological level of $1,300 and following through to our upside target of $1,325.

That was the easy money. This week is not nearly as clear. Gold has major resistance in the $1,330-$1,340 range. Given the momentum of last week, we could see a final burst higher early in the week to $1,340.

gold continuous contract September 1

However, gold is a volatile asset class. And it does its best to make things as painful as possible (this is especially true given the abject manipulation in gold courtesy of the large banks).

With that in mind, I have a feeling we’re going to see a back-test of around $1,300 or so before things really ignite to the upside.

Long-term gold looks fantastic, having broken a critical seven-year downtrend. The next major bull market is now here. But we’re probably going to shake out some momentum players this week before we begin the REAL move to $1,400.

This concludes this week’s gold review and forecast. Until next week!

Courtesy of Phoenix Capital Research.

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Graham Summers is Chief Market Strategist for Phoenix Capital Research, an independent investment research firm based in the Washington DC-metro area with clients in 56 countries around the world.

Graham’s clients include over 20,000 retail investors as well as strategists at some of the largest financial institutions in the world (Morgan Stanley, Merrill Lynch, Royal Bank of Scotland, UBS, and Raymond James to name a few). His views on business and investing has been featured in RollingStone magazine, The New York Post, CNN Money, Crain’s New York Business, the National Review, Thomson Reuters, the Glenn Beck Show and more.