Gold Weekly Price Forecast – Gold Continues to See Buyers

Gold Markets Weekly Technical Analysis

Gold markets have been extraordinarily bullish for some time, and that should not be a surprise considering everything that is going on at the moment. After all, there are a lot of worries about conflict around the world. And furthermore, there’s also concerns about the Federal Reserve having to monetize the profligate spending of the United States. This is going to continue to be a major issue going forward, and with that being the case, I think gold will continue to see a lot of interest.

When you’re adding $1 trillion worth of debt every 90 days, that does a number on your currency over the longer term. That being said, central banks around the world continue to buy gold. And at this point, I just don’t see why it would fall for any significant amount of time on significant pullbacks. I think there will be plenty of buyers underneath, with the $2,200 level underneath being significant support, followed by the $2,150 level.

That’s assuming that we can even get that low. I still think we go looking to the $2,500 level, and probably higher than that. Ultimately, we are entering a very impulsive phase of this market, and gold continues to soar due to a safe haven.

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