Gold Weekly Price Outlook – Gold Continues to Break Even Higher

Gold Markets Weekly Technical Analysis

The gold market initially fell during the trading week but has turned around to show signs of life again, as we have not only rallied, but we broke above the crucial $2,800 level. At this point, there is a lot of fear out there that Donald Trump is, in fact, going to levy tariffs on Canada and Mexico. And at this point, I think it’s kind of a given. So now traders are starting to worry about their portfolios and protecting wealth with gold being one of the most obvious choices. Beyond that, it’s been an uptrend for quite some time anyway. So, there’s really no reason to second guess whether or not it should go higher.

We spent a couple of months digesting those gains and now we’re off to the races again. I believe that this is a market that will continue to attract a lot of inflows, and it is probably only a matter of time before we break towards the $2,900 level. I do not have any interest in trying to short gold. Quite frankly, if it does fall, it ends up being a buying opportunity as I think we now see the $2,700 level as a potential short-term floor in this market. Regardless, this is a market that looks very bullish, and there are a plethora of reasons for it to remain so, and as long as that’s the case, I’m long only when it comes to this market, and we’ll be looking to buy each and every dip along the way.

For a look at all of today’s economic events, check out our economic calendar.