Gold Weekly Price Forecast – Gold Continues to See Positive Momentum

Gold Markets Weekly Technical Analysis

The gold market has exploded to the upside during the course of the week as it looks like we are going to go and attack the $2,400 level again. This is a market that’s been consolidating for some time after a shot straight up in the air therefore, I think we’ve been working off some of that excess froth. That being said, gold has a ton of reasons to go higher, not the least of which would be the fact that central banks are buying it hand over fist.

Furthermore, the United States continues to borrow a massive amount of money and that helps gold, but at the same time, interest rates are starting to be looked at as being cut around the world. And if that’s going to be the case, that also helps gold.

Short-term pullbacks continue to be buying opportunities and the $2,300 level continues to be very important in general. If we can break above the $2,450 level, then I think we attack the $2,500 level and beyond. I do think we do that eventually. I do think we break above there. And I do think that we are still in a situation where gold should continue to rally quite significantly. I think we’re in a bit of a super cycle.

So anytime we pull back with any type of stringent momentum to the downside at the very first signs of a turnaround and a bounce. I’m willing to step in and start buying gold yet again. I have no scenario in which I’m willing to short this market.

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