Gold Weekly Price Forecast – Gold Markets Trying to StabilizeGold had a rough week, but not nearly as bad as the previous one. I think we are getting relatively close to some type of turnaround for a bigger move.
Gold markets have had a little bit of a rough week, as traders continue to determine whether or not there is going to be a significant stimulus package coming out the United States. Ultimately, there will be but there has been some questioning of the size of the stimulus package, perhaps not as big as the $1.9 trillion that Joe Biden is hoping to achieve. If that is going to be the case, then it makes quite a bit of sense that the market is still kind of treading water in general, trying to figure out what to do next. I believe that the 50 week EMA underneath will offer a significant amount of support, and I do think that eventually we will go looking towards the top of the weekly candlestick from the previous week. This does not mean that it is easy to get there though.
Gold Price Predictions Video 18.01.20
Ultimately, this is a market that I think eventually will find buyers jumping into pick up gold “on the cheap”, due to the fact that there is a certain amount of stimulus coming from everywhere going forward, and it certainly looks as if the $1750 level could be a massive support level as well. Furthermore, it would simply be a pullback and 38.2% on the Fibonacci retracement tool, which typically means that there should be quite a bit of momentum over the longer term to continue the trend. At this point, I would wait for some type of supportive candlestick in order to get involved, and then start aiming for the highs again. I do believe that this is what gold will do over the next year or so.
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