Gold Weekly Price Forecast – Gold Continues to See Buyers on Dips

Gold Markets Weekly Technical Analysis

The gold market plunged during the trading week to break down below the $2,400 level, but we have seen a lot of volatility since then and it looks like the market is trying to go higher. All things being equal, this is a market that should continue to see a lot of buyers pick up value as it occurs in the form of cheaper gold. After all, there are a lot of things out there that could move the gold market, not the least of which, of course, would be geopolitics, which are an absolute mess at the moment.

Furthermore, we have central banks around the world looking to buy gold and interest rates are dropping. So it’s a little bit of a perfect storm. We have recently seen an attempt to get to the $2,500 level that failed, but I do think eventually we not only get there, but I think we finally break above it. Gold is most certainly in an uptrend, so I’m not looking to sell it regardless. And I think there is a massive amount of support, not only at the trend line, but more importantly at the $2,300 level.

I think the $2,300 level, at least as things stand now in the gold market, is essentially your floor. Any dip between here and there will be looked at as a potential buying opportunity, but quite frankly, I don’t think we will get anywhere near the $2,300 level anytime soon. In fact, I think it is likely that we will finally break out to the upside sooner than that.

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