Gold Weekly Price Forecast – Gold Shows Signs of Buying Underneath

Gold Price Predictions Video for 08-01-2024

Gold Markets Weekly Technical Analysis

Taking a look at the weekly chart for gold, you see that gold initially fell during the week, but it does look like it’s trying to save itself a bit. That makes a certain amount of sense, considering that most traders around the world believe that the Federal Reserve is going to be cutting rates, and therefore rates should continue to drop over the longer term. In that environment, gold should do fairly well as the US dollar loses some of its strength.

Furthermore, you also have to keep in mind that plenty of geopolitical concerns make owning gold an attractive prospect. So, with that, I think that gold continues to find plenty of buyers on dips. And I believe that the $2,000 level underneath is more likely than not going to be the floor in the market. And a breakdown below that level, quite frankly, would be a bit surprising. On the upside, I see the $2075 level as the next barrier to overcome.

I have no interest in shorting gold anytime soon, and quite frankly if it does start to break apart, then I would be more apt to buy the US dollar as the gold markets are far too volatile to handle in some type of meltdown at times. It’s just simply easier to buy the US dollar against currencies because they have inherently less volatility overall. Remember, when gold falls, the US dollar typically ends up being a big winner, so it is the same thing as shorting gold most of the time.

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