Weekly Gold Price Forecast

January 25, 2021

Gold remains in a weekly downtrend, but has found support at both the 50 week moving average and the 10 month moving average, in a bull market it is not unusual for gold to use these levels as support. It is entirely possible for gold to start moving away from these levels and resume this bull market over the next few weeks.

GOLD remains mildly bearish on a weekly basis

Gold has bounced off its 50 week moving average and is currently 2.2% above it. This level has acted as support on numerous occasions in the past and twice during this current upswing.

Gold has found support at the 10 month moving average, this is not unusual during a bull market.

 

GDX is bearish on a weekly basis.

VanEck Vectors Gold Miners ETF (GDX)

GDX is staying above long-term support at the 50-week moving average.

 

GDXJ is bearish on a weekly basis.

VanEck Vectors Junior Gold Miners ETF (GDXJ)

Ken Ticehurst

www.Ivalgo.com

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Ken Ticehurst been a gold trader for over a decade and is currently developing a unique gold price forecasting system using fractal analysis and unique algorithms. He creates forecasts using different patterns that occur over daily, weekly and monthly time frames. In his view news does not move prices over the long-term, but rather that prices move news over the long-term. Human nature demands an explanation for every price move. It is his philosophy that day to day and even week to week moves are just noise disguising the long-term trends.
 
Ticehurst has a BSc.(Hons.) in Product Design from the University of the West of London with a commercial background in data analysis and research. Ken has been involved in markets as diverse as classic cars, construction and real estate.  He has seen bubbles grow and deflate time and again, subsequently giving birth to his galvanizing interest in the underlying sentiment that drives the fear and greed phases.  Ken’s website is:  http://www.kenticehurst.com
In 1933 President Franklin Roosevelt signed Executive Order 6102 which outlawed U.S. citizens from hoarding gold.

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