Gold Weekly Price Forecast – Gold Markets Continue to See Upward Pressure

Gold Markets Weekly Technical Analysis

The gold market has rallied pretty significantly during the course of the week as we have slammed to the upside yet again. And it looks like the market is going to continue to be one that runs much higher. This massive candlestick does suggest that we are going to go much higher, but I think at this point in time, you are hoping for a little bit of value. At this point, I don’t know that you are seeing it.

If it’s an investment and you don’t care about a drawdown for the next couple of months, then it’s very possible you could just go ahead and buy all the way up here. However, do recognize the fact that at least $100 in a pullback is possible here. That of course, is a pretty significant pullback, especially if you have a significant amount of leverage applied.

If we were to break down below the $2075 level, then we could go looking to the 2000 level, which I think is actually the floor in the market. Keep in mind that there are plenty of geopolitical issues out there that could drive this market higher, not to mention the fact that interest rates continue to drop. And of course, if we continue to see central banks around the world looking likely to cut, then gold will probably do quite well against all currencies, not just the US dollar. Buying the pullbacks continues to be the way I want to be involved in this market.

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