Gold Price Weekly Forecast – Gold Markets Breakout of Triangle

Gold markets initially pulled back during the week but found enough support just below the $1700 level before exploding to the upside during the week, showing signs of life again. We are closing near the $1750 level, which of course is an area that has attracted a certain amount of attention as of late. With that being the case, I like the idea of buying pullbacks, but quite frankly I think at this point longer-term traders are simply going to add to a core position and little bits and pieces in order to take advantage of a position building type of trend.

Gold Price Predictions Video 18.05.20

To the upside, the $1800 level would be a target, and I think could cause a bit of noise. The noise of course will give you opportunities to pick up gold “on the cheap”, so therefore I like the idea of buying these dips and little bits and pieces, and then riding out the longer-term trend. There is almost no reason to think that gold will sell off for a longer-term move, because quite frankly there are a lot of concerns out there when it comes to the idea of headline risk, and of course central banks around the world continue to print money as fast as they can. If that is going to be the case, then gold should shine in that type of scenario.

Ultimately, when you start to see the risk appetite markets rally, it should send gold a bit lower and give you the opportunity to pick up a bit of value. In fact, I am looking forward to those days and as stock markets rally significantly, then I am going to be paying attention to gold to see if it offers me a buying opportunity.