Gold Weekly Price Forecast – Gold Continues to Find Support Underneath

Gold Markets Weekly Technical Analysis

Gold markets initially dipped a bit during the week, but then turned around to show signs of life again. This is a market that continues to pay close attention to the $2,300 level, a large round psychologically significant figure and an area that we have tested multiple times. At this juncture, it looks like short-term pullbacks will continue to attract buyers, perhaps opening up the possibility of a move to the $2,400 level, maybe even the $2,450 level. Yes, the market is very noisy and chomping, but ultimately, we are still trying to digest this shot higher that we had seen previously.

In this overall market, I think you continue to see plenty of buyers mainly due to the central banks around the world trying to do everything they can to hoard more gold. Furthermore, there are a lot of geopolitical risk. So that of course helps gold as it is a safety asset. And then beyond that, the interest rate situation still favors America. But if that changes, if the US interest rates do start to drop a bit, that could really send gold higher.

We’ll have to see, but at this juncture, it looks like we are at the bottom of a range and have just bounced from it. And we’ll more likely than not try to rally a bit from here. You should also keep in mind that it’s the midst of summer and therefore, probably a little less in the way of volatility can be expected.

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