Gold Price Forecast: Long-term bearish revival confirmed

collected by :kiven Dixter

Gold's weekly chart is flashing long-term bear revival, i.e. the sell-off from the record high of $1,92.94 (September 2011 high) has resumed. The breakdown is accompanied by pick up in volatility from record low levels, Bollinger Band width indicates. ViewThe weekly chart shows a long-term bearish revival, so prices risk falling to/below $1,200 in the next six months. However, the bias would still remain bearish and only multiple weekly closes above the 10-week MA would abort the bearish view.

Charts for Next Week: EUR/USD, Euro-crosses, USD/JPY, Gold Price & More

EUR/USD is headed for another big test next week in the 11500s, how many times can it pass? USD/JPY is setting up to continue its bullish ways in the days/weeks ahead. EUR/AUD Daily ChartEUR/AUD 4-hr ChartGold could be in for trouble if 2015 trend-line failsGold is dangerously close to breaking below the 3-year trend-line after posting a weekly key-reversal bar. If price closes the week below the 2015 trend-line and beneath the December low at 1236 look for sellers to continue hitting bids next week. A strong weekly close above the 2015 trend-line will have it poised for further gains ahead.

Case for $2,000 Gold Price Gets Strong; Peak Gold Could Be Near

referring to Peak Gold Could Be Bullish for Gold PricesIt may be a great time to be a gold bull; gold prices could be setting up to soar immensely. Telfer ended with, "We're right at peak gold here."Goldcorp isn't the only major mining company saying that we could be nearing peak gold. As I said earlier, peak gold is when production of gold declines, be it due to low gold prices, fewer discoveries, and so on and so forth. Looking at everything, it seems like a perfect storm could be brewing in the gold market that could send gold prices soaring immensely. Peak gold could make $2,000-an-ounce gold a reality much sooner than expected.