Gold Price Trend Forecast 2020 / Commodities / Gold & Silver 2020
This is the final part of my Gold price analysis that concludes in a detailed trend forecast for 2020 that was first made available to Patrons who support my work. Gold Price Trend Forecast 2020
Gold Price Trend Forecasts 2019 ReviewSEASONAL ANALYSISQE4EVERUS DOLLARLONG-TERM TREND ANALYSIS Gold / SIlver RatioTrend Analysis ELLIOT WAVESGold Price Trend Forecast 2020 ConclusionFormulating a Gold Price Trend Forecast
Unfortunately this analysis is not resolving towards expectations for the resumption of the Gold bull market towards my long standing target of $1800 imminently as the picture being painted by the above analysis suggests that the Gold price is in for a period of consolidation before resuming it's bull run towards $1800.
Seasonal analysis says we will soon be entering into a weak period for the Gold price that could stretch all the way into early summer.
US Dollar is not likely to drop out of a tight trading range.
Gold when compared against Silver looks expensive.
Long-term trend analysis states that Gold faces heavy resistance in the $1530 to £1630 zone which implies to expect Gold to trade BELOW $1530 before it can go higher.
Trend analysis states that Gold is correcting from an overbought state.
Only elliott wave analysis looks very bullish implying an imminent resumption of the bull trend, though on its own is a coin flip.
So it's NOT looking imminently bullish for Gold, at least not for the first few months of 2020. At best Gold could attempt to attack resistance maybe once more before drifting lower into late April / early May before building a base for another assault and break to new bull market highs later in the year, as Gold corrections tend to last longer than Gold rallies.
Gold Price Trend Forecast 2020 Conclusion
My forecast conclusion is to expect a weak first 4 months or so of the year in preparations for another assault on resistance at $1630, that will likely see the Gold price break through to new highs for this bull market. Whilst downside looks limited to around $1520.
How high could Gold go? I think $1800 / +18% could be pushing thing's a little too far, more likely is to see Gold trading to a high of around $1770 towards the end of Summer 2020.
Risk to the Forecast
That I maybe under estimating how high the Gold price could go during 2020.
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By Nadeem Walayat
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Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
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