Gold Weekly Price Forecast – Gold Markets Continue to Pressure Resistance

Gold Markets Weekly Technical Analysis

The gold weekly chart has shown a little bit of a negative candlestick for the week, but really at this point in time, I think you still have a situation where you have to look at this through the prism of whether or not we can find any real value here. I do think that eventually we will pull back. That pullback more likely than not will continue to attract attention. And I think buyers and or value hunters will definitely be interested in this market. In that environment, I think we could see more money flood in, especially if we get anywhere near the $2,075 level.

That being said, if we can take out the highs here, then it’s very possible that we could be more or less on our way to the 2500 level via the 2200 level between here and there. I don’t like the idea of chasing gold, so I would be just as happy to buy it after several weeks of sideways action. We’ll just have to wait and see how it plays out. Pay attention to interest rates that of course has a major influence on gold, but also geopolitical concerns out there have really been driving gold higher as well.

We recently broke above that crucial $2075 level and that has now become your floor. As long as we stay above there, the uptrend is firmly ensconced in this market and there’s absolutely no reason to be selling gold in this environment as not only do we have all of the macroeconomic factors, but central banks have also been net buyers of gold bullion.

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