Gold Weekly Price Forecast – Gold Continues to Trade in a Larger Range

Gold Price Predictions Video for 12-02-2024

Gold Markets Weekly Technical Analysis

Gold initially fell during the week, but then turned around to show signs of life again. At this point in time, I believe that the market is going to continue to jump in and look at the $2,000 level underneath as a major floor in the market that I think is more or less a zone of support that extends down to the $1,980 level. If we were to break down below that level, it would be a huge turn of events, but at this point in time I don’t think it’s very likely. If we do see that, it’s likely that the US dollar will have taken off to the upside, and of course interest rate will start to spike again.

All things being equal, this is a market that the traders will continue to find plenty of buyers on dips. And I do think that it is probably only a matter of time before we try to get to the top of the range. The $2,075 level above is a major barrier. And I think if we are going to break above the $2,070 level, then it could be more or less a buy and hold situation. On the other hand, if we were to break down below 1,980, that would be very ugly and could send this market into a tailspin. Keep in mind there are a lot of geopolitical risks out there right now that could make gold fairly attractive to most traders. Ultimately, this is a market that will be noisy, but I do think there are plenty of reasons for gold to rally.

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