Gold Weekly Price Outlook – Gold Climbs to Recover for the Week

Gold Markets Weekly Technical Analysis

The gold market has rallied pretty significantly during the course of the week and in fact has wiped out all of the losses from the previous one, bouncing from a major trend line of course helps, but the reality is that there are plenty of reasons for gold to go higher anyway. The interest rates in America have been climbing as of late, and while that typically works against gold, that is a sign of stress in the system. Furthermore, we have a lot of geopolitical concerns out there that will continue to make gold attractive as a form of safety, and then obviously we have the escalation in Ukraine.

So, there’s a whole litany of reasons to think that gold could continue to be a big winner here. If for no other reason than the fact that we have had so much momentum over the last several months, should you think that gold is a buy. Short-term pullbacks continue to be buying opportunities as we have just seen, and at this juncture, it looks like the $2,800 level will more likely than not serve as a target and less of a barrier.

Gold, I think, is eventually going to make its way to $3,000. There’s really not much to stop it from getting there. And therefore, I think short-term pullbacks, again, offer value that people would be more than willing to take advantage of. The $2,500 level at the moment seems to be the floor in the market. Anything below there would have me a bit concerned, but after this past week, I just don’t see that happening.

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