Gold Weekly Price Outlook – Gold Has Another Strong Week

Gold Markets Weekly Technical Analysis

Gold has shot straight up in the air again during the past week as we have broken above the $2900 level. We are a little overdone at this point, but I think any short-term pullback at this point in time will attract buyers. And I don’t even know what we get. It’s very possible we might just get a market that goes sideways for a moment here. The $2,800 level underneath should be massive support, as it was massive resistance. And this market, I think, continues to be one that a lot of people are paying close attention to as the area had been so obvious for market participants previously.

Given enough time, I fully anticipate that this market goes looking to the $3,000 level, and therefore I think the market is going to be more or less self-fulfilling prophecy here. Furthermore, gold traders are jumping into the market because of fears when it comes to tariffs coming out of the United States and what that might do to global trade.

Ultimately, though, I think this is a scenario where you have to be very cautious but recognize that the market has definitely a major upward bias. And even if it does pull back, you just can’t get short of gold at the moment. You have to be looking for value. You have to be looking for gold on sale. And once it goes on sale, you’ll need to be there waiting to take advantage of it.

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