Gold Forecast 20190912GLD

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As per two weeks ago, the uncertainty in the world’s economy is still present. In fact, there seem to be reports here and there of the negative outlook for the global economy. Although gold did drop in the past two weeks, I still think it will at least hold prices at this level while the outlook for the global economy is uncertain.

 

Forecasting Checklist

  • General news
    • Political Plays?
    • Level of uncertainty?
      • High, considering the trade tensions, Iran tensions, and Brexit tensions. ^
  • Check status of economies 
    • It is hard to tell the state of economies right now. It is pretty much a mess. There are rumours of a recession and general ‘fear’ in the market. ^
  • Check other charts for movement
    • Other charts are very erratic and hard to predict
  • Technical analysis
    • TTM_LRC ranges
      • The prices are in the midrange now.

The Forecast

  • I am 80% confident that the price of GLD gold will not fall below $137 on 19/10/2019.