Gold Weekly Price Forecast – Gold Continues to See Bullish Pressures

Gold Markets Weekly Technical Analysis

The gold market has had a very strong week to the upside and as a result it looks like we are trying to blow out through the top. All things being equal, the spot market will be paying special attention to the $2,500 level but it is worth noting that the futures market has already broken beyond that. So, in other words, futures traders believe that this market is going higher in the future.

Short-term pullbacks more likely than not will continue to be buying opportunities and therefore I think you have to look at this as a market that you simply cannot short. With the jobs report on Friday missing, the market has now yet another reason to think that the Federal Reserve might be cutting rates. And if they do, then the idea of protecting your wealth with gold becomes a lot more affordable. Furthermore, we have plenty of geopolitical issues out there that should continue to drive gold higher.

So, with all of that being said, I just don’t have any interest in shorting this market. Underneath, we have the $2,400 level as a massive support level. And of course, we have a trend line worth paying attention to as well. At this juncture, this is a market that looks very positive to me, but it is also going to be very noisy as traders simply seem like they don’t know what to do with most assets, although gold certainly seems to be a favored one.

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