Gold Weekly Price Forecast – Gold Continues to Power Up

Gold Markets Weekly Technical Analysis

The gold market initially pulled back just a bit in the early hours of Monday and spent quite a bit of the week drifting sideways. However, on Thursday and Friday, we have seen gold absolutely explode to the upside yet again. This is a market that had recently formed a massive bullish flag that measured for a move to the $3,300 level, which of course is something that I’ve been talking about. But the problem, of course, was that most of the week was sideways action. So therefore, you had to be very patient. Well, if you are patient, you’re being paid for it.

Now, this is an extraordinarily strong trend, and there’s really nothing on this chart that even remotely suggests that you should be selling gold or shorting it. But what I would say is occasionally you might want to take some profit, wait for a pullback, and buy some more. That’s generally how I play markets like this, as the fundamentals and the technicals line up for a very strong move over the next several months.

Keep in mind that there are a lot of concerns out there about tariff wars, and that has people looking to protect their portfolios via gold and other things as well, but I do think you’ve got a situation where gold has a little bit of a perfect storm going and of course momentum begets more momentum. So that’s exactly what you’ve seen yet again, very bullish action and I remain long and of course positive on this market.

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