Gold Price Forecast - Chart Breakout Suggest Higher Prices Ahead
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Gold Price Forecast, Analysis and Charts:
- Pennant breakout to the upside suggests higher prices in the short-term.
- US GDP. FOMC and non-farm payrolls all out this week.
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Gold has broken higher and has taken out resistance from the bullish pennant formation that has restricted price movement in the last two weeks. The daily chart below shows how gold pressed the supportive uptrend line on multiple occasion before breaking higher as the apex of the bullish pennant formed. The precious metal has opened above the old resistance trendline which should now turn supportive. The first level of resistance is seen between $1,518/oz. and $1,520/oz. before the late-September double top around $1,535/oz. comes into play. Support seen from $1,500/oz. down to the trendline around $1,495/oz.
Gold Price Testing Support as Merging Trendlines Hint at a Breakout
The economic data and events calendar this week is packed full of high importance US releases. While the gold/US dollar correlation holds, these releases, including US Q3 GDP, FOMC and non-farm payroll data, all have the ability to change the outlook for gold. The precious metal may also come under pressure from any updates about the ongoing US-China trade war, with progress said to be being made at the moment.
Gold Price Chart (March – October 28, 2019)
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.