Gold Weekly Price Forecast – Gold Continues to Show Massive Support

Gold Price Predictions Video for 22-01-2024

Gold Markets Weekly Technical Analysis

You can see that we have actually pulled back just a bit during the trading week to test the $2,000 level but have since recovered quite nicely. This is a market that I think is going to continue to try to turn things around. I mean, after all, there are a lot of things working in its favor, not the least of which would be geopolitical issues, but we also have to pay close attention to interest rates in America.

People believe that the Federal Reserve is going to cut rates, and if that’s going to be the case, then it makes a lot of sense that we would see gold rallying, that tends to be the overall correlation that we see over the longer term. If we can break above $2,075, then we could go towards the $2,200 level rather quickly, something I do think that eventually happen. For that matter, it’s very likely that we go even higher than that as a lot of experts now believe that the gold market is going to enter a longer-term bullish cyclical run. That doesn’t mean it won’t be noisy, because quite frankly gold markets typically are, so be cautious with your position sizing, but at the end of the day, gold looks as if there is a lot of interest in the market right now.

The question really at this point isn’t so much whether or not we can do it, but whether or not we need to pull back again in order to make that happen. Clearly, we’re in an uptrend and I just don’t see that changing.

For a look at all of today’s economic events, check out our economic calendar.