Gold Weekly Price Outlook – Gold Has Another Bullish Week

Gold Markets Weekly Technical Analysis

The gold market has rallied again during the week as we continue to see a lot of bullish pressure. And I think ultimately, there are a couple of different things out there that we are watching, not the least of which would be geopolitics. Furthermore, we also have the US dollar that has been shrinking for a while and I think you need to pay close attention to that as it could be one of the bigger factors out there. But you also have to pay attention to the fact that we’re in a strong uptrend and it just is what it is. It should continue to be very bullish, and I think that is the story here.

Ultimately, if we do break out above the $2,950 level, I think it opens up a move to the $3,000 level. The measured move of the bullish flag that I have drawn on the chart is actually for $3,300 and it really wouldn’t surprise me if we got there. I think the $2,800 level should be a bit of a floor at this point and anything below there probably has more of a reset feel, not necessarily a downtrend.

And at that point, we’ll just have to acknowledge that conditions are changing and maybe the trend is taking a bit of a corrective leg down, but given enough time, I don’t see anything stopping gold from going higher at this point. I can be wrong, so always make sure to risk managing your position. And this is not necessarily an endorsement to go into gold with massive amounts of money, but it should be a part of your portfolio.

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