Gold Weekly Price Outlook – Gold Continues to Climb Vertically

Gold Markets Weekly Technical Analysis

The gold market has rallied rather significantly during the course of the week, but Friday is a little bit noisy, so we’ll see how this closes out. We are still well above the $2,900 level. So, I think that does bode well for the market over the longer term, but we could also be looking at a region where perhaps the gold market goes sideways for a while to absorb some of the massive gains that we saw.

This of course does make sense, you can only go in one direction for so long, but I think that there are plenty of geopolitical issues out there that will continue to push the market higher, not to mention the fact that we’re still worried about trade tariffs. The situation between the United States and Canada has gotten a little bit better, but not really. It seems like the Canadians are dragging their feet, and that will almost certainly have Trump firing off tariffs, unless something changes quickly. Mexico is a little bit better, so we’ll have to wait and see how that is, and then of course, he’s got his eyes on some Europeans as well.

So with all of that being said, it’ll be interesting to see how this plays out. Reciprocal tariffs are, is a phrase that you should probably get used to, where the United States just simply matches the tariffs of other countries around the world and evens everything out. If that ends up being the case, that’s going to be chaotic for a lot of different economies, and that of course will have non-Americans buying a lot of gold.

So that’s part of what you’re seeing here. Plus, you’re seeing the repatriation of a lot of gold from London, Zurich, Tokyo into New York. Not sure what that’s about, but there have been numerous stories of massive flights of gold coming back to New York. So with that being said, something’s going on, but they all add up to one thing, and that’s gold going higher.

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