Gold Forecast: Bearish Pressure below 1218

We have published our XAUUSD Gold idea based on triangle formation on Friday. We have mentioned that the XAUUSD is likely to test the support line at 1195 USD – the baseline of the potential triangle – and we would look for a short opportunity at the breakout of the triangle. Gold tested the baseline and ended the week at 1193.60. However, the prices have not broken below the triangle yet.

As we have published in our previous forecast - Attached Idea - we predict the bearish pressure will continue on Gold prices until the second quarter of 2019. In the mentioned article, we have said that we may see a sharp correction from 1160 USD towards 1218 USD as we do not see a big selling on the ETF’s .

Midterm, the bearish pressure will remain as long as the prices hold below 1218 USD. Break above 1218 will carry the Gold prices 1236- 1240 USD.

Shorter term:The breakout of the triangle will carry the prices 1187 USD. 1187 has been tested last week. We predict the bearish move will be triggered by the breakout of 1187 and 1160 USD will be retested. The target of the formation is 1135 USD.

Our attached longer term forecast is still valid with the mentioned targets.

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TP 1 Reached