Gold Price Forecast – May 14, 2020

This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ration, and gold ETFs. If you are interested in learning more, please sign up for a complimentary four-week trial.

Gold broke higher out of a coil pattern and settled the day above $1737, the smaller than (0.618) target of the wave up from $1666.2. The move up is now poised to reach at least $1752 and likely $1774 during the next few days. Settling above $1774 will clear the way a new high of $1802 and then the next major objective of $1821.

Prices are still flirting with the coil’s upper trend line, so there is a modest chance for another test of support once $1752 is met. Support at $1720 will likely hold, but a decline to $1702 and even $1690 would still be considered corrective of the move up from $1676.0. Settling below $1690 is unlikely but would shift near-term odds in favor of $1658 and possibly lower.

Gold – $10 Kase Bar Chart

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.