Gold: Weekly Forecast 3rd - 7th February 2020
The gold price pulled back and rebounded off just as expected from our previous weekly forecast.
With the increased coronavirus fatality, demand continues to rise for safe-haven asset thus boosting the gold price further.
Based on the technical chart, we continue to see the price repeating the historical pattern from February 2019 such as the 3-month consolidation and how the price broke out of the consolidation.
The gold price peaked somewhere near 1612 and pulled back sharply and fell into a short consolidation where the price will eventually pick up and rise again, just like what it is now.
So, if we take the historical pattern into consideration, the gold price which is expected to rise further this week will face strong resistance as it retests the previous high around 1612.
The price would then pull back sharply while maintaining a higher-low stance towards 1580 to 1556, and then the price will ride onto another bull-run.
With the increased coronavirus fatality, demand continues to rise for safe-haven asset thus boosting the gold price further.
Based on the technical chart, we continue to see the price repeating the historical pattern from February 2019 such as the 3-month consolidation and how the price broke out of the consolidation.
The gold price peaked somewhere near 1612 and pulled back sharply and fell into a short consolidation where the price will eventually pick up and rise again, just like what it is now.
So, if we take the historical pattern into consideration, the gold price which is expected to rise further this week will face strong resistance as it retests the previous high around 1612.
The price would then pull back sharply while maintaining a higher-low stance towards 1580 to 1556, and then the price will ride onto another bull-run.
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