Gold Weekly Price Forecast – Gold Continues to Look Very Strong

Gold Markets Weekly Technical Analysis

The gold market has shot straight up in the air during the course of the trading week, and we have broken above the crucial $2,530 level. At this point in time, the market looks as if it is ready to go racing towards the $2,600 level, but I also think that we are probably priming for some type of short-term pullback. That short-term pullback should end up being a buying opportunity based on not only technical analysis, but also a whole plethora of other things out there that should continue to be of interest.

One of the things that you need to keep in mind is that the central banks around the world are looking to cut rates and that should continue to help gold, but the geopolitical concerns also favor gold. All things being equal, I do think that we go much higher, but I also think that you need to find some type of value to take advantage of.

The candlestick is strong, and these candlesticks typically do not happen in a vacuum, but don’t be surprised at all to see us give up some of these gains heading into the weekend just simply because it’s heading into the weekend. The $2,500 level underneath I think is a significant support level that extends to the $2,530 level where we had broken out from during the Thursday trading session. In general, I’m a buyer, I’m a holder, and I think you’re looking for value to take advantage of every time it occurs.

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