Gold Weekly Price Forecast – Gold Market Continues to See Stagnation

Gold Markets Weekly Technical Analysis

The gold market has spent a bulk of the trading week just simply going back and forth in what could probably be best described as very lost manners. With this, I think you’ve got a situation where traders are going to continue to look at gold as something that could be very positive, but I also recognize that we have a situation where we might be a little bit stretched.

So, with that in mind, I think there isn’t a whole lot to worry about, we may get a buying opportunity on a pullback. The $2,500 level, of course, attracts a certain amount of attention, followed by the $2,480 level. If we break above the previous week at the 2,533 level, then I think we could really start to take off, perhaps trying to get to 2,600.

It’s going to be noisy. That makes a certain amount of sense, but there’s a lot of geopolitical concern out there. There are central banks buying gold. Interest rates are falling. All of this works together to lift the price of gold overall. But that doesn’t mean we get there overnight. And I think that’s the thing that you need to be cautious about, trying to chase the market. We recently had a surge higher and now we’ve had two neutral candlesticks in a row on the weekly chart. The question is do we get a pullback, or do we grind sideways before going higher?

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