Gold Prices This Week And Next Week's Forecast

Sunday, September 10, 2017

gold bullion

As we noted in last week’s forecast, gold prices had significant momentum and could overshoot to $1,340 before staging our expected pullback.

Gold did overshoot, but instead moved to $1,350. The precious yellow metal is, after all, a sentiment trade, consequently momentum players piled in last week.

However, we now have multiple bands of resistance directly overhead. While gold might pop a little higher early next week, the odds of it breaking above all of these to new highs (north of $1,365) are slim.

Instead the odds HIGHLY favor a correction back to somewhere around $1,300. I’ve marked the two likely targets on the weekly chart below. The purpose of this move is to shake out the hot money/momentum chasers so we can put in a base and prepare for the REAL move to $1,400+ in the next six to eight weeks.

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

Courtesy of Phoenix Capital Research

********

Gold-Eagle provides regular commentary and analysis of gold, precious metals and the economy. Be the first to be informed by signing up for our free email newsletter.

Free Gold-Eagle Newsletter!

  • Fresh weekly insights on gold, precious metals, and the economy
  • Leading authors from around the world
  • Always free
  • Stay informed!

 

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.