Gold Weekly Price Forecast – Gold Markets Showing Signs of Support

Gold markets plunged during most of the week but bounced from the $1450 level. That’s an area that has been support and resistance previously, and at this point a bounce of $50 makes quite a bit of sense. I think ultimately, we are looking at an opportunity to start buying gold for a longer-term move, perhaps reaching towards the $1700 level over the longer term. The $1450 level is hard flooring for this market, so it is important that we hold that level. I think ultimately we will, but at this point the US dollar has been working against the value of gold, but I think that will probably be a tough trade to take, so you will need to be very cautious about your position size but longer-term gold has been in an uptrend for quite a while.

Gold Price Predictions Video 23.03.20

If we do break down below the $1450 level, it’s possible that we go down to the $1400 level, possibly even the 200 week EMA which is closer to the $1350 level. If we break down below that level it would be a horrific sign for the longer-term trend but right now, I think it’s only a matter of time before gold rallies due to fear. It has been sold off more or less due to forced liquidations as the large funds out there have been forced to sell gold profits in order to cover bad trades in the stock market and the like. To the upside, I believe that the $1700 level will be a significant barrier that takes quite a bit of momentum to break through.