Gold weekly outlook and trading forecast for September 03 -10, 2018. Analysis by Inna Rosputnia
Congratulations to all trading signals subscribers with gained profits! Last week we saw more pressure in gold as per my earlier trading forecast.
Let’s have a look what to expect next. First of all, there is no clear trend. Gold still trades in the same channel, forming rising wedge. We have very strong resistance zone in the middle of it, 1205 – 1209. So, those who don’t have any positions now, can look for rejections in this zone and take sell signals. Don’t put pending orders, watch price action, as you need at least 2 rejections to go short. If no rejections will happen, but consolidation instead, gold will likely test upper range of wedge – 1230. Target for shorts 1198. If breached, we will see more significant fall. But rising wedge had to be broken to down side to resume strong downtrend.
Anyway, I don’t see gold market has bottomed. In middle-term I expect 1140 – 1126 to be reached. So, for now we have to focus on good entry point to short. Don’t hurry and always wait for confirmation before opening any trade.
Coming week we have important data to be released. So, likely it will help gold market to get out of range trading.
Good luck and good trading!