Gold/USD Price forecast | 18 September, 2020 | Wait for a new price high

Gold Price Forecast relative to
Long Term Monthly
(LT-M) – Medium Term Weekly (MT-W) – Short Term Daily (ST-D) – and Hourly (not shown) data

(Previous week in brackets)

1948 (1940)
Au Trend ↓ (↓) ↓ (↓) ↓ (↑)
Au % Risk
90 (90) 66 (68) 54 (43)
PM Allocation Limit(50%) Invested Pt:20% Ag:45% Au:35% (100%)

Gold/USD live price

18 September:: In Elliott Wave terms the alternating observation leans towards a simple wave 4 correction wich is either underway since July or will develop at a much higher price level. The first technical objective is a simple new price high coupled with a lower risk weight than at the July high. No Change.

11 September:: We see a bit of a technically driven fight based on hourly and daily market behavior for either a continuation of the short term correction well below 1900 or an immediate further advance to new highs within just 3 or 4 weeks. We first look for the Weekly risk weight to show a lower than 94 risk level together with a higher price (>2075) before we can begin to call an intermediate top. This is a the most common picture if markets are in a primary advance. Hourly is low risk and should at least keep the price up at the beginning of the coming week. Weekly downward trend is quickly losing momentum which is a positive sign for the coming week. Our precious metals distribution remains unchanged with a view to allocate more to Silver and or Platinum if their next horizontal resistance levels break. With 8 weeks closing above the 2011 weekly high close, Gold is basically in uncharted territory again once it travels above 2075 with a simple parallel upsloping upper resistance channel now at $2438. We can expect to reach that level together with a Monthly risk to price bearish divergence. No Change.

Gold/Euro live price

18 September:: Shorter term this cross looks vulnerable to a correction which could be gold or dollar move. Even with a Long term monthly risk weight looking to turn down at a higher risk level we still Look for a minimum 1800 target or above.

Gold/British Pound live price

18 September:: Gold/GBP risk also looks to turn down this month. Still looking for minimum 1613 target or above. The bigger picture is the highly uncertain global monetary situation where gold offers huge protection especially in countries with relatively high debt, low gold reserves and a very uncertain immediate future, like the United Kingdom.

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Posted in A - All Financial Blogs | 2021 Forecast, GOLD / US DOLLAR FORECAST & PREDICTIONS.

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