Gold Weekly Price Forecast – Gold Continues to Look For Buyers on Dips

Gold Price Predictions Video for 29-01-2024

Gold Markets Weekly Technical Analysis

We have seen gold go back and forth during the course of the week but the one thing that you cannot help but notice right away on the chart is that the $2,000 level underneath is massive support extending down to the $1,980 level. As long as we can stay above there, it’s likely that buyers will come in and push the gold market to the upside. We are in an uptrend, and I think we’re in an uptrend for a lot of different reasons. To begin with, interest rates are dropping in America this year, and the Federal Reserve is probably going to loosen monetary policy. Also, we have a lot of geopolitical concerns out there that could drive gold higher as well. So quite frankly, it’s difficult to imagine an area that you would get short of gold.

But if we were to break below the 50-week EMA, that might be your sign. In the short term, I think we are simply consolidating, trying to pick up enough momentum to finally break out to the upside. The $2075 level has been a rather significant barrier in the past, so clearing that makes this more or less a buy and hold type of asset. In the short term, I do like buying dips in this market and taking advantage of cheap gold every time it appears. Longer term, I do think that we finally break above the $2075 level and continue much higher, although the actual catalyst remains to be seen, but one cannot argue the fact that there are plenty of them out there just waiting to happen.

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